Program that sheds light on credit scores is expanded

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Posted: Thursday, January 9, 2014 12:00 am

First Bankcard, a credit card issuing division of First National Bank, expanded a program this week that will allow cardholders of the bank’s credit card partners to access their FICO 8 credit scores for free.

A FICO 8 Score reflects credit card lending and is a factor in an overall credit score.

The program launched in November for First National Bank of Nebraska cardholders.

It now will include cardholders of Union Bank, N.A., headquartered in San Francisco; sporting goods retailer Scheels All Sports; online discount retailer Overstock.com; convenience store chain Sheetz Inc., headquartered in Altoona, Pa.; MidFirst Bank, headquartered in Oklahoma City; Technology Credit Union in San Jose, Calif.; and Web rewards and loyalty desintation Swagbucks.

The program will be rolled out to additional First Bankcard cardholders in the coming months.

“At a time when many people want to start the year on sound financial footing, it’s clear that this program can provide valuable information to help them make better financial decisions,” First Bankcard president Stephen F. Eulie said in a statement.

Cardholders can access their scores through their secure online accounts, with all information updated monthly for free. In addition to their credit score, cardholders also receive information on factors that have affected the customer’s score and how it can be improved.

The FICO Score, a widely used tool for making lending decisions, gives lenders a snapshot of a person’s credit risk based on their individual credit history. The higher the individual’s score, the lower the potential credit risk. Because the score provided by First Bankcard is specific to credit card lending, it may look different from other scores cardholders may have seen from other lenders or sources.

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