Citibank is set to provide free FICO credit scores to credit card customers every month starting January 2015.
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With this move, the bank will become the second major credit card issuer after Discover Financial Services became the first major issuer to include credit scores with customers’ monthly online statements, reports cleveland.com.
Based on information in people’s credit reports from Equifax, the scores will be provided only to the 23.5 million customers with Citi-branded credit cards.
The bank’s decision comes at right time when federal regulators have been urging banks to be more transparent to customers.
The transparency can help customers better understand what influences credit scores, enhance their ratings and discover identity theft.
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By GlobalDataEmily Collins, Citi spokesperson, said that the information from Citibank will be provided only online.
Collins said: "This is the same score Citi Cards uses in lending decisions and will be available online for free every month. We are always evaluating new benefits that will provide enhanced value to our card members."
