A consumer's FICO score provides a rating for the consumer based off the consumer's credit report. Many creditors use the FICO credit score when determining whether to accept a loan or credit application and what rates to offer the consumer. Consumers should check their own credit scores on a regular basis, especially before applying for large credit or loan accounts.
Ordering a FICO Score
Consumers can order a copy of their credit score from the Experian, TransUnion or Equifax websites or from MyFico.com. Consumers can also request their FICO scores by mail or over the phone. While consumers can request a free copy of their credit reports in some instances, there is typically a small fee to purchase a copy of a credit score. A consumer can order a copy of his FICO scores as many times a year as he wishes.
Security
When a consumer orders his credit score online -- from MyFICO.com, for example -- he will need to provide several pieces of sensitive data, such as his full name, address, driver's license number and Social Security number. In order to reduce the possibility of identity theft, credit scoring websites use encryption technology, which hides the private information from possible hackers and identity thieves. The website will also ask the consumer several verification questions to prove his identity and further reduce the threat risk.
Effect on Credit Score
Typically, when a creditor pulls a consumer's credit report, the credit bureau logs this information in the consumer's credit file. This is known as an inquiry. According to myFICO.com, 10 percent of a consumer's credit score comes from the number of inquiries he has on his credit report. Several inquiries over a short span of time can lower the consumer's credit score. However, when a consumer orders a copy of his own credit score or report, it has no effect on his score. This is known as a soft-pull inquiry, and it will not appear on the consumer's credit report.
Tips
As a credit score only shows a ranking for the consumer, he may want to order his credit report as well to see detailed information about his financial history. Every U.S. consumer can receive a free copy of his credit reports from Equifax, TransUnion and Experian once a year through AnnualCreditReport.com. Consumers can also purchase their credit reports through the credit bureaus directly for a small fee.
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