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Credit Repair

How to Get Your Free Credit Score

It is nearly impossible to read a personal finance blog without being informed that you should get your free credit report. All you have to do is go to www.annualcreditreport.com and you can have your report from all three major reporting agencies at your finger tips. Your credit score is not available unless you pay for it. The fee varies from $8 to $19 depending on what site you are using. Here are ways to get free credit scores.

The CARD Act requires lenders to offer you a free credit score if you are denied a line of credit or an interest rate that is not the best available. That is the only way to get an accurate score from the agency that the lender used; however, you can get estimated scores for free in the following ways:

  • Credit.com offers an estimate based on five different scoring models, including FICO and VantageScore, based on your credit report with TransUnion only.
  • Credit Karma offers a real score from TransUnion, based on your credit report with that credit reporting agency. It is derived without using the FICO model that lenders rely on, though.
  • Equifax.com offers you a credit score range and a few reasons your credit rating isn’t higher. It is totally based on your Equifax credit report.

Knowing your credit score, even an estimate, prior to applying for a loan is important for several reasons. First, you do not want to be surprised by a denial and secondly, it will prepare you for a less than prime interest rate. It is still important to view your credit report each year to prevent errors and fraud, but keeping on top of your score is very important as well.