Credit Scores

The Financial Industry Regulatory Authority, FINRA, is offering the military free credit scores through its Investor Education Foundation in partnership with the nonprofit InCharge Institute of America, which developed a product called BrightScore.

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

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.

Your credit score affects your ability to get credit - and what you will pay for credit. Lower scores mean higher interest rates. Lower credit scores can also have result in things such as higher auto insurance costs.

BrightScore will give military 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 your credit score. It also provides access to live professional counselors from 9 a.m. to 6 p.m. Eastern Standard Time Monday through Friday.

FINRA is the largest nongovernmental regulator of all securities firms doing business in the U.S. The FINRA Foundation's Military Financial Education Program has done educational seminars at more than 33 military installations, reaching more than 8,000 service members and military families.