|
|
 |
Is There a Free Credit Score?
Unlike free credit reports your free credit score is not information that you
can get for free. You might be familiar with these online ads: "Get a 3-in-1
free credit report and score delivered instantly online" or "Free 3-in-1 credit
report and 3 credit scores online in seconds!" or even "Get your free credit
report and score with a 30-day trial".
What do the words at the last ads mean? Yes, you can view your credit score for
free but only during trial period. Some web sites warn you that the offer is not
related to the free credit report that you are entitled to under the federal
law. But some others ask to give them your credit card information hope that you
forget to cancel this service after thirty days.
Reasons to Check Your Credit Score
Your credit score indicates your creditworthiness. Even though the precise
formula used to develop the credit score is not published the factors such as
the amount of money you owed to creditors, payment history, whether you are
seeking new extensions of credit, and the types of credit lines that you
currently hold affect your credit rating.
Your credit score determines the approval of your loan application and the
cost of the loan. Every time you apply for credit, your lender will check your
score to know how likely you'll repay your debt. As your credit score is
determined
based on information on your credit report, any error could affect your score.
For that reason, it is essential that you regularly check your credit report
and credit score to keep track of any adverse changes that could lower down your
score. But here is the thing that confuses us. Can we get free online credit
score like the way we get our yearly free credit report?
How to Get Your Free Credit Scores
Under the Fair Credit Reporting Act (FCRA) you can get free credit reports once
a year at AnnualCreditReport.com. However, the free credit report doesn't have
any credit scores. If you want to request your credit scores you have to pay a
"fair and reasonable fee" that is determined by the Federal Trade
Commission.
The three major credit reporting agencies charge a small fee whenever you order
a copy of your credit rating. In fact, some credit report companies are
confusing consumers by offering them a free credit report and score that are not
part of the mandated free annual credit report program.
These credit report services actually sell your credit score and advice for
improving it for a fee. The "free credit score' or "free credit monitoring"
comes with strings attached. Some imposter sites use "free" terms and try to
make you to believe that their offers are a part of your annual free credit
report. But if you sign up for that "free" service you will have to pay once
that 30 day trial period is over.
So obtaining free credit score is different from ordering free annual credit
report. You can order a copy of your annual free credit report through AnnualCreditReport.com.
However, you cannot view your credit score for free. If you want to check your
credit score you may
even need to sign up for thirty days free trial period with a credit card.
Back to Credit Score Page
Back from Free Credit Score to Debt Firms Home Page
|
 |
|
 |
