If you've been told you should find out your credit score--of which one type is your FICO score--and you're wondering how to get it free, then you may be wondering, "Just what is a FICO score, anyway?" A FICO score is the main type of credit scoring system used by TransUnion, Equifax, and Experian, the three credit reporting businesses that provide a free credit report annually to consumers upon request. It tells lenders how much of a risk you are to lend to. You will probably not be able to find out your FICO score totally free of charge--there's usually a catch.
Your FICO score is an evaluation tool used by lenders and creditors to help them predict whether you'll pay back the loan in full. If your FICO score is below 620, you are considered a high risk borrower. If your FICO score ranges from 620-660, you're borderline. If your FICO score is from 660-720, you're in good shape to be considered a good credit risk.
FICO scores can be used to benefit you, especially if you have a good or better credit score. With a FICO credit score higher than 720, you may have lenders willing to offer you low interest rates on hard-to-get loans such as a mortgage or on an auto loan or a revolving credit line such as a credit card.
Instructions
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Get it online. Though it generally costs money to get your FICO score, you may be able to find out your FICO score free--free with purchase, that is--by visiting the websites of Equifax, TransUnion, or Experian.
They may have alluring offers for a free FICO score. Read the fine print for any offers, as you may be asked to sign up for a membership in order to access your "free" FICO credit score--though there is usually a free trial period in which you can cancel. Be sure to do this (unless you want the service after all) in order to get your FICO score without paying for it.
2Or, pay a nominal fee for your FICO score at the time you place a request for your credit report. The Fair Credit Reporting Act (FCRA) requires each of the consumer reporting companies to furnish a free credit report annually to consumers upon request.
3Contact http://www.annualcreditreport.com to get the credit report and paid-for FICO score, which is authorized by the government to issue the free credit report, also called a credit file disclosure.
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