We knew that more and more credit card companies were providing their cardholders with their credit scores each month (Discover was the first to offer to their cardholders and then expanded that by providing it to anyone who went to their site). Then there are sites like Credit Karma and Credit Sesame that also provide credit score information for free. This evening, the Wall Street Journal is reporting that Experian is getting into the act:

Credit-reporting firm Experian has recently begun showing free FICO credit scores to consumers, a first for any of the three major credit-reporting firms in the U.S. The move marks the early stages of a plan for Experian to enter the market for generating sales leads for lenders. The firm will give out free credit scores while pitching loans from banks and other lenders. Experian began testing the service about two months ago. It declined to say which lenders are participating so far.

For those wondering, what’s the catch? Well many of you probably caught it in the paragraph above “generating sales leads for lenders.” Once they know your email address and your credit score and any other identifying information that they require you to disclose, well, you might expect a barrage of credit card and other lending offers.  The site: www.freecreditscore.com.

I did it this evening and it was a relatively painless process and took all of about 5 minutes to get my results. Here were the first two steps in the process which give you an indication about how Experian hopes to use this as a lead generator. How? First the checkbox to opt-in to get “important credit information…” and the question with the drop-down menu “Main Reason You Are Checking Credit.” That question would signal intent. So, for example, if you wanted to get a car loan…boom!…you can bet the car financing offers will be in your inbox before you knew it. Thank goodness for the delete button.

Step 1: Your Information:

Step 2:

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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