Your credit score is a number that represents the sum total of your financial history. Three different credit reporting agencies, Equifax, Experian and TransUnion, monitor your use of credit and compile a credit history as well as a credit score to provide to lenders who inquire about your credit. For you to receive your credit score, you'll generally need to pay a fee to the agency you choose.
Free Credit Reports
Many people have heard about the availability of free credit reports, which can lead to confusion when it comes time to pay for a credit score. The federal government requires each of the credit reporting agencies to provide one free credit report to each American consumer once a year. However, this credit report does not need to contain the three-digit credit score. The credit score is based on the information in the report, so checking the free report may be enough to get an understanding of your credit. However, to access the actual score, you'll usually need to pay.
Cost
The cost of a credit score varies from one credit reporting agency to another and depending on what sort of credit reporting package you buy. According to the Federal Citizen Information Center, a credit score from one of the three agencies costs around $15 as of 2011. This means that a package containing credit scores from each of the three reporting agencies would cost around $45, though you can purchase packages online that deliver all three scores for a discounted price. You can purchase your credit score online from one of the reporting agencies or a third-party financial services website.
Free Scores
Many websites claim to offer free credit scores. However, these sites often represent marketing efforts from financial service websites that offer a free credit score only once you've committed to a long-term subscription or paid for other financial reports. When you apply to rent an apartment or get a mortgage loan, the landlord or lender will ask for a fee that goes toward accessing your credit score. Asking for a copy of the score is one way to access your credit score for free, although you paid for it as part of the application fee.
Reasons to Pay
Even if you don't have access to your credit score for free, you may still find it worthwhile to pay for it. Your credit score is the number lenders use to determine whether to approve your loan applications. It also determines what interest rate you qualify for and whether you can rent an apartment or home. If you have reason to believe that you are a victim of identity theft, which would allow someone else to damage your credit score, the $15 charge for a copy will deliver a valuable tool to ensure that your credit is secure or identify damage quickly. Likewise if you plan to apply for a mortgage, you can make a more accurate interest rate estimate before you apply if you know your own credit score.
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