Is There a No-Obligation Free Credit Score?

You are entitled to a free credit report each year from all three major credit bureaus, but unless you pay for it, you are still in dark about your risk rating on the FICO scale -- the most popular credit score in the United States. While the credit bureaus and the Fair Isaac Corporation sometimes offer free credit scores, they are often conditional. In 2011, you may be able to get a risk-free credit score, but there is no guarantee.)

Identification

The credit bureaus and Fair Isaac sometimes offer a free credit score when you try out one of their services. However, this almost always entails giving them your credit card number. While the trial usually costs nothing, you risk forgetting to cancel the membership. Credit scoring companies bank on customers either liking the service or letting the charges run to make a profit on free scores.

Possible Free Score

Lenders usually perform a credit check whenever you request credit. If you are in the office when the creditor runs your report, he can show you a score and your report on his screen. This is one of the worst ways to get a free, no-obligation credit score, because you want to see your score and know if you should start rebuilding it before you start the credit application process.

Dodd-Frank Bill

In 2011, Congress approved the Dodd-Frank Wall Street Reform bill. A small provision in this legislation -- Section 1100F -- requires lenders to reveal a borrower's credit score when the lender rejects the applicant for credit or service based on data in his credit file. As of April 2011, the final regulations on the bill are pending, so nobody knows which lenders will have to furnish a score, because some creditors use credit reports for decision making but also other data in their credit risk models, such as insurance companies and driving records.

Myth

Consumers sometimes believe the credit bureaus are government entities, because they are referred to as "national credit bureaus." The term "national" comes from the fact that they are the only ones that serve lenders and consumers across the U.S. Thus you cannot use the Freedom of Information Act, which requires some federal agencies to reveal secret data, to obtain a score.

Tip

Your bank might offer free credit scores. However, most banks do not publicize this fact, so you might have to contact your banks' customer service department to find out if they offer this perk.