It is a bit of cruel irony that perhaps the most important three-digit number in your life costs money to see, even though it is based on your private information. Credit scores are not free because they are a product, whereas credit reports are more of a dossier on your life. Check with the bureaus frequently and they might let you see your score for free.
Legal Reason
As of 2011, neither the Fair Credit Reporting Act (FCRA) nor any other piece of legislation requires the major credit bureaus to give all consumers a free credit score. This is not the same as the free annual credit report consumers receive each year. Credit reports contain a consumer's private financial data, such as loans and debt balances, while credit scores predict the chance of you defaulting on a loan.
Considerations
Credit scores are a result of information in your credit report, and lenders are free use whatever system they want to rate you as a credit risk. There are dozens of scoring systems out there that can give widely different results. Information about your credit history, however, is relatively static. This makes credit reports more powerful than a risk calculation.
Push to Free FICO Score
In 2011, some people, like Mark Udall, a senator from Colorado, are talking about requiring the credit reporting bureaus to provide a credit score. A potential amendment to the FCRA would require the credit bureaus to provide one free credit score to all consumers each year along with their credit report. Already in 2011 new federal legislation requires some lenders and service providers to give consumers a FICO score when they turn down an application. As of March 2011, the regulations of this bill are proposed, but have yet to receive approval from the Federal Trade Commission.
Tip
You can sometimes get your FICO score for free by asking the lender after he runs a hard inquiry on your credit history. Also, the credit bureaus often offer free FICO scores for trying out a new service, such as credit monitoring. If you cannot find any way to get a free FICO score and do not want to pay for it, you can get a pretty accurate estimate from a FICO calculator tool.
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