Military members allowed free access to FICO scores

Military members allowed free access to FICO scoresIn an effort to boost financial literacy among the military, members will be allowed free access to their credit scores, the FINRA Investor Education Foundation revealed this week.

Active duty service members and their partners now have the opportunity to learn more about their FICO score, which consumers typically pay up to $20 to access.

Not only will they be able to assess their current financial standing, but a FICO Score Simulator helps users understand the effects that certain financial decisions will have on their credit ranking. For example, consumers actively involved in the military will be able to see how their score would fluctuate whether they paid a used car loan in full or opened a new credit account.

"The FINRA Foundation is providing free access to this vital credit management tool to help active duty service members take real steps to achieve a more secure financial future," John Gannon, president of the organization, said in a news release.

Service members and their spouses who are interested in checking their FICO score for free should contact their base's financial educator.