In recent years consumers have come to understand a lot more about the importance of their credit scores, and they might even know that it's important to check on those ratings at regular intervals to make sure their standings are as solid as they should be. Now, some credit card companies are giving borrowers the opportunity to check in with even greater frequency.
A number of major lenders will soon begin offering many of their credit card customers free access to their credit scores, and it seems that the number may soon grow even more, according to U.S. News and World Report. The point of such a change is that it might help people to better comprehend where they stand with respect to their credit, and potentially show them what they can do to improve their standing overall.
Adding to the arsenal
These recent offerings come in complement to those of the federal government to improve consumers' access to their credit information overall, the report said. In the wake of the financial crisis, the government moved to make it easier for people to gain access to their credit reports from each of the three major reporting bureaus free of charge once per year. Credit scores continued to cost money each time they were accessed, but these new changes from a number of lenders across many of their credit cards could go a long way toward improving people's understanding of their unique personal situations.
Often, consumers might be able to start making solid financial decisions based on what they know of their credit scores and reports, because this should serve to give them a much more complete picture of where they stand, and how much their past decisions have affected them. With all this in mind, the path to recovery might just become a little easier. In the meantime, consumers who cannot yet qualify for this type of credit card might want to consider the benefits of seeking alternative credit scores - such as those from PRBC - that take into account more than just how they deal with their various credit accounts. These separate ratings might consider things like how easily people handle paying their utilities or phone bills, which in turn should give businesses a more complete view of their overall financial picture, even if they've struggled with credit specifically in the past.