Free Credit Score - Multinational banking and financial services company Wells Fargo is offering its customers a free score of their creditworthiness.
The annual program, which was initiated about two years ago, officially kicked off on the 1st of the month. It is expected to last until the 16th of November.
The free credit score and complimentary credit report is expected to guide customers of the bank to make profitable decisions.
The director of Retail Retirement at Wells Fargo, Karen Wimbish was quoted earlier in the year explaining the significance of keeping tabs on one's finances - which includes knowing one's credit score.
"I think of personal finance in the same vein as my health," She said, "I wouldn't keep concerns about my health private. I'd consult a doctor or talk to a friend or family member about it."
According to Wimbish, "Only a third of adults have some type of financial plan or a simply household budget in place, which means most Americans don't have the roadmap needed to improve their financial health."
Since the 2008 financial meltdown, the number of annual bankruptcy filings has surged. But recent data indicates that there has been a decrease of about 12 percent in the rate of bankruptcy filings thus far this year. Between January and September, only 705,452 bankruptcy filings were recorded. This is compared to 801,989 during the same period in 2013. Experts say this may be the first year national bankruptcy filing fall under one million since the financial crisis that economists have described as the worst since the Great Depression.
Many experts have commended the free credit score initiative of the bank. According to these pundits, many Americans are still struggling to manage their personal finances and are prone to overspending - especially with the festive season around the corner. The knowledge of one's credit score, they say, will guide customers of the bank to spend with both caution and confidence.
The executive vice president in Wells Fargo's Consumer Credit Solutions Group, Gary Korotzer, has noted that "In much the same way an annual check-up helps us stay physically healthy, consumers can take control of their financial health by regularly checking their credit and taking steps to improve it."
A credit score is essentially a numerical expression of the viability of a bank or credit company to lend money to a customer based on the soundness of his/her previous transactions. Although federal authorities provide all customers a free credit report, knowing one's credit score usually comes at a fee. Over the past few years some private financial institutions - such as Wells Fargo, Capital One and FICO - have opted to offer customers their credit scores for free.
Wells Fargo continues to be the fastest growing of Washington's ten largest banks last year. According to the Federal Deposit Insurance Corp, more than 15% of the deposits made in Washington last year occurred in Wells Fargo. This amounts to about $25.19 billion - representing an increase of 6% from 2013.
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