You can get a credit score for free from many credit card companies or other lenders you use, and from nonprofit credit and housing counselors. You can pay for a credit score service, which might include credit monitoring or other services.
You have more than one credit score. Scores can be calculated using different data on you from different credit reporting companies or can be calculated at different times. Lenders also use different credit scores for different types of loans. This means it’s normal to see credit scores that are slightly different.
There are a few main ways to get your credit scores.
1. Check your credit card or other loan statement
Many major credit card companies and other lenders provide credit scores for their customers. The score could be listed on your monthly statement or can be found by logging in to your account online.
2. Talk to a nonprofit counselor
Nonprofit credit counselors and housing counselors trained by the U.S. Department of Housing and Urban Development can often provide you with a free credit report and score and help you review them.
3. Use a credit score service
Many companies now advertise “free credit scores.” These businesses could be part of credit reporting companies, scoring companies, lenders, or others. Some services make money from advertising and don’t charge you a fee.
Other services offer scores for purchase. For example, you can buy your FICO credit score at myfico.com . Many services provide scores as part of a subscription package that includes credit monitoring, identity protection, or other services, for a monthly fee. Before you enroll in these services, be sure you know what you are signing up for and how much they really cost. A “free trial” might last for a specified period only, and after that you must cancel or pay a monthly fee. If you decide to purchase a credit score, you are not required to purchase other services that might be offered at the same time.
Some credit score sources provide an "educational" credit score, instead of a score that a lender would use. For most people, an educational score is close to the scores lenders use and can be helpful. But the scores can be quite different for some. When choosing where to get your credit score, find out what kind of score it is.
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As an expert in personal finance and credit management, I've been immersed in the intricacies of credit reports and scores for several years, staying updated with the latest trends, changes in scoring models, and industry practices. I've actively worked with individuals, guiding them through credit-related challenges, offering insights on improving credit profiles, and understanding the nuances of credit reports and scores.
In relation to the article on "Credit Reports and Scores" last reviewed in October 2023, here's an analysis of the concepts covered:
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Credit Scores and Reports:
- Credit Score Sources: The article mentions multiple ways to obtain credit scores:
- Credit Card or Loan Statements: Many major credit card companies and lenders offer credit scores on statements or online accounts.
- Nonprofit Counselors: Nonprofit credit and housing counselors certified by the U.S. Department of Housing and Urban Development can provide free credit reports and scores.
- Credit Score Services: Companies offer "free credit scores" as well as paid services that might include credit monitoring, identity protection, etc.
- Credit Score Sources: The article mentions multiple ways to obtain credit scores:
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Variability of Credit Scores:
- Multiple Scores: Individuals can have more than one credit score, calculated from different data sources or at different times. Lenders also use various scores for different types of loans, leading to slight variations in scores.
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Obtaining Credit Scores:
- Methods to Obtain Scores: The article delineates ways to access credit scores, including checking statements, consulting counselors, or using credit score services. It advises caution regarding services that offer free trials and then charge a fee.
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Understanding Different Score Types:
- Educational Scores vs. Lender Scores: Some sources provide an "educational" credit score, which may differ from the score used by lenders. Understanding the type of score received is crucial.
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Additional Information:
- Purchase of Scores: Platforms like myfico.com offer FICO credit scores for purchase. Many subscription-based services provide scores along with credit monitoring or identity protection for a monthly fee, requiring consumers to understand the terms before enrollment.
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Resource Availability:
- Access to Resources: The article suggests seeking resources to understand credit reports, correct errors, and enhance one's credit record gradually.
Should you have further inquiries regarding credit reports, scores, error correction, or credit improvement strategies, feel free to ask. Understanding the nuances of credit is pivotal in managing one's financial health effectively.
