M&T Bank Offers Access to FICO Credit Score for a Fee

by Mercator Advisory Group 0

While credit scores have been available directly to consumers for about a decade, they are far from universally accessed by consumers. M&T has a new offer for its online banking customers to access their credit score monthly for a relatively low price.

M&T updates the scores monthly, so the fee allows bank customers to track changes over time. (Customers can access the score as often as they wish, but it doesn’t change on a daily basis.) “If it changes materially from one month to the next, and you’re not sure why, it’s a red light going off,” Mr. Shryne said.

But if the score is so important to customers, why not offer it free? Mr. Shryne said that contrary to popular belief, banks don’t have free access to their customers’ credit scores. So part of the fee the bank charges customers is used to pay Equifax for the scores, he said. “It’s a straight fee for a straight service,” he said. “We believe $2.99 is a fair price to ask.”

The monthly data will help consumers measure their progress in improving their scores, as well as to detect any major identity theft problems, such as a criminal opening credit in their name.

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