Washington Pushes for Free Credit Scores

As part of the huge Wall Street reform bill, yesterday the Senate passed an amendment that would give Americans having trouble securing credit or a job free credit scores. These scores are used as a rating system for all kinds of important financial decisions such as qualifying for a home mortgage or a small business loan. As this CNN Money article explains, the measure would expand an existing law that gave consumers the right to one free credit report every year from each of the top three consumer reporting agencies -- Equifax, Experian, and TransUnion.

The credit score, however, has not been made available for free. It is a numerical representation of the information in a consumer's credit report, which covers a consumer's entire credit history -- all debts, payment habits, and jobs held. The credit score is widely used as a shortcut by lenders, so monitoring it is crucial.

But options for getting a credit score have been limited to many "for-fee" sites. Some have lured consumers in by offering a "free" score in return for signing up to a credit monitoring service that could cost $14.95 a month or more, if consumers don't opt out before the end of the trial period.

The amendment "dramatically increases the number of people getting this critical piece of information," said Jennifer Talhelm, a spokeswoman for Sen. Mark Udall, D-Colo., who is sponsoring the effort.

Tax Day Freebies!

The tax deadline has finally arrived, and although today is not usually a day that taxpayers associate with saving money, many businesses are running tax day promotions to help out consumers strapped for cash. This year there are dozens of businesses offering freebies such as Starbucks, IHOP, and P.F. Chang’s, among others. The Associated Press put together a comprehensive collection of tax day discounts, check out a few of my favorites below or click here for the full list.

• CINNABON: Get two free bite-sized cupcakes from 6 p.m. to 8 p.m. Thursday at participating mall locations as part of "Tax Day Bites!" Flavors include Chocolate Passion, 24-Carrot Cake, Vanilla Bliss and Cinnacake Classic.

• MAGGIEMOO'S: Get one free slice of ice cream pizza — ice cream with red frosting to look like sauce and white chocolate to look like cheese — at participating locations from 3 p.m. to 7 p.m. Thursday.

• STARBUCKS: Get free brewed coffee all day Thursday if you bring your own mug, a promotion the cafe chain says is friendly to the environment as well as taxpayers.

• BOSTON MARKET: For a "last-minute tax break" — one free meal for each one you buy Thursday through Sunday — show this coupon: http://bit.ly/d1YlRO

• IHOP: Expanding on the tax deduction parents get for kids, the restaurant chain is offering free dinner for one child age 12 or younger with each adult meal purchased 4 p.m. to 10 p.m. all month long.

• P.F. CHANG'S: Get 15 percent off food purchases for dine-in or take-out, excluding alcohol and happy hour food and beverages.

• HYDROMASSAGE: Get a free massage Thursday through Sunday at participating locations. The mall-based massage chain suggests calling ahead to book an appointment. Find a location at http://www.hydromassage.com/taxday.

Free File For Telephone Tax Refund

Because of the confusion over the telephone tax refund the IRS is reminding telephone users who do not normally file tax returns that they can take advantage of the Free File system to request a telephone tax refund. According to the IRS the Free File system is the easiest and quickest way to request the refund, which could arrive in taxpayers bank accounts in about two weeks. IRS Commissioner Mark W. Everson claims, "Fee File is a great choice for people who don’t normally need to file a tax return but who are entitled to this special telephone excise tax refund." For more information on requesting a telephone tax refund through Free File, visit the IRS’s official site.