SAN FRANCISCO – Wells Fargo is once again providing access to free credit scores and complimentary credit reports to its consumer customers from March 1 – April 15, 2013. And, to help encourage consumers to set financial objectives, the company will also launch Share Your Goals, an online, social media sweepstakes that will put $10,000 in the hands of one grand prize winner. An additional 12 sweepstakes participants will each win a $500 Wells Fargo Visa® gift card - for a total of $16,000 in cash and gift cards to 13 randomly-selected consumers simply for sharing their financial aspirations.
"By deliberately setting a financial goal, a consumer is taking the first step toward achieving it," said Tom Wolfe, head of Wells Fargo's Consumer Credit Solutions Group. "Whether you're preparing to buy a car or thinking about how to fund a college education, understanding your credit situation and how to strengthen it puts you in the driver's seat to make the best choices to achieve your financial goals."
More than 280,000 customers took advantage of Wells Fargo's first coast-to-coast free credit score promotion, held in Oct. 2012. Most adults have reviewed neither their credit score (55 percent) nor their credit report (62 percent) in the past year, according to the National Foundation for Credit counseling. Wells Fargo hopes to help change those statistics because a consumer's credit situation plays an important role in reaching their financial goals.
About the Free Credit Score Promotion
From March 1 – April 15, 2013, all Wells Fargo consumer customers have access to a free, no-obligation Experian® custom VantageScore® and a complimentary credit report.
Customers can take part by visiting any Wells Fargo location and asking a Wells Fargo banker for a brochure containing a personal access code. After customers review their credit score and credit report, they may choose to meet with a banker to discuss their credit situation. Typically, if consumers wish to check their credit score, they pay a flat fee or sign up for a service, such as credit monitoring, and pay a fee.
About the Share Your Goals social media sweepstakes
Because knowing what you want to achieve financially is an important part of good money and credit management, Wells Fargo is also launching Share Your Goals, a social media sweepstakes. From March 1 – April 15, 2013, participants visit shareyourgoals.wellsfargobank.com and use the #ShareYourGoals hashtag to share their financial aspiration. During each week of the sweepstakes, Wells Fargo will randomly award a $500 Wells Fargo Visa® gift card to two winners. At the end of the campaign, Wells Fargo will randomly select a $10,000 grand prize winner, for a total of 13 winners and $16,000 in cash and gift card prizes. No purchase is required to enter.
In addition to this campaign, Wells Fargo offers free tools designed to help customers understand how credit works and how to use it responsibly. For example, the Smarter Credit™ Center is an online resource designed to help consumers identify ways to reduce debt and also establish, improve, obtain, and protect their credit – an important focus because lenders aren't the only ones who use credit scores to make decisions. Many cell phone companies, utility companies and landlords do, too. Other common credit myths:
Myth: It is always better to pay cash for things than finance them with credit.
Fact: An established credit history is necessary for many types of financing, including buying furniture, a computer, a car, or a new home.
Myth: I am building credit using my debit card.
Fact: While debit cards offer great convenience, banks don't report debit card payment activity to the credit bureaus.
Myth: Credit is credit – there's really no difference between different loan types.
Fact: Rates, terms, monthly payments, and benefits vary widely on different types of credit.
Myth: I can't get credit because I've never had credit.
Fact: A few ways to start establishing a strong credit history: consider a secured credit card, or one or two department store or gas station cards. Above all, manage your accounts responsibly.
Myth: My credit took a hit – it will be nearly impossible to rebuild it.
Fact: You can rebuild your credit and you don't need to put your life on hold to do it. Create predictability around your monthly budget – including credit card and loan payments, build your savings reserves, and consider using alternative types of cards.