FICO Allowing Free Credit Scores for Financially Struggling Consumers - NBC4 Washington

Susan Hogan and the Consumer Watch team covering your consumer concerns

FICO Allowing Free Credit Scores for Financially Struggling Consumers

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    Tuesday, FICO reached new agreements with the three major credit reporting agencies -- TransUnion, Equifax and Experian.

    FICO announced it will allow millions of financially struggling consumers who receive non-profit credit counseling, housing counseling and other services to get a copy of their credit scores for free.

    FICO serves as the standard measure of consumer credit risk in the United States and is often purchased and used by lenders.

    Until now a non-profit organization typically signed a no-sharing policy in contracts agreeing not to provide the report or score to anyone including the consumer, according the Consumer Financial Protection Bureau.

    The change comes after complaints made to the CFPB about financially struggling consumers not being able to get their credit scores.

    All consumers can receive a free credit report every year from each of the three major reporting agencies at AnnualCreditReport.com.