Group offers free credit scores to troops, families

[CommunityEditor]

Service members and their spouses can now get a free credit score — an analysis of their creditworthiness — as well as a personalized action plan to improve that score.

BrightScore normally costs $19.95, but it will be free to troops and their spouses, who can access it through their personal financial managers on installations by attending one of FINRA’s free financial forums offered periodically at military bases worldwide or by sending an e-mail to credit@finra.org. FINRA is providing 25,000 free credit scores.

A credit score is a number from 400 to 850 that comes from account information provided in an individual’s credit report about outstanding loans, loan payment history and other factors. The higher the score, the better.

The credit score affects a person’s ability to get credit — and what they can expect to pay for that credit. Lower scores mean higher interest rates. Lower credit scores also have other financial effects, such as higher costs for auto insurance.

The free offer is also available to National Guard and reserve members serving on active duty and their spouses. It is available to service members overseas, too.

BrightScore will give service members and their spouses a detailed analysis of their credit reports, showing which items positively or negatively affect their score. The program then provides a personalized plan to improve scores. It also provides access to live professional counselors from 9 a.m. to 6 p.m. Eastern Standard Time Monday through Friday.

If service members or spouses have a credit score less than 620, they’ll be able to use BrightScore two more times as they work to improve their score, said John Gannon, senior vice president of FINRA’s investor education department.

With federal legislation limiting annual interest rates on certain consumer loans to military personnel and their families to 36 percent, some lenders outside the gates are no longer lending to the military because they can’t afford to do business at 36 percent interest. But there are other options, such as military banks and credit unions, and other financial institutions outside the gate.



Article: http://www.armytimes.com/money/finan...e_071115money/
SaveAndInvest.org: http://www.saveandinvest.org/index.htm

I would like to know why reitred military is not offered this benefit. I mean after all it was my husband former CO that financially destroyed my family and sent us to bankruptcy!
I need help and yet the military considers a felon because my husband was sent to a sumary court martial.
I was told families of felons don't get help!