Wells Fargo customers will have free access to one of their credit scores and credit reports until Nov. 16, in conjunction with the American Bankers Association’s annual campaign “Get Smart About Credit.”
It’s the third year of this promotion, according to a news release from Wells Fargo, and it requires customers to visit a local bank branch to obtain their personal access codes for the data. A spokesperson for Wells Fargo told Credit.com the credit score customers will receive is a VantageScore 3.0 based on their Experian credit report. The credit reporting agency will also be the source for the free credit report. Consumers should know they have hundreds of credit scores, and three main bureaus provide free annual credit reports: Equifax, Experian and TransUnion.
Regularly checking your credit scores and credit reports empowers you with the knowledge you need to improve your credit standing, as well as watch your accounts or identity for signs of unauthorized use. Creditors use credit scores in lending decisions, which is why you want to have an idea of your credit standing before applying for loans or credit cards.
Generally, a higher credit score will qualify you for better financial products and loans with lower interest rates. While there are loans and credit cards for people with bad credit, they tend to come at a higher cost, so it pays off to focus on improving your credit score before you apply for loans.
In addition to the score and credit report you can get through Wells Fargo in the next several weeks, consumers have a variety of options for staying on top of their financial health. A handful of other creditors offer free credit scores to some of their customers, including Discover, Barclaycard and CapitalOne, and this year, Sallie Mae started giving new student loan borrowers free access to their scores as well. You can also get two of your credit scores for free, with updates every 30 days, on Credit.com. You’ll never be able to stay on top of all your credit scores, but make sure to compare only the same scores month to month (or however often you check), because every formula is different and may be based on different credit reports.
More on Credit Reports and Credit Scores:
- The Credit.com Credit Reports Learning Center
- What’s a Good Credit Score?
- How to Get Your Free Annual Credit Report