Monday, October 17, 2011

Getting a Really Free Credit SCORE...not Report

Several years ago, the feds made it possible for people to get free, no-strings attached credit reports.  These list your credit history, lateness in paying bills, and so forth.  Even though weasel credit reporting agencies have tried to attach monetary strings, you are still entitled to a truly free credit report from each of the three majob agencies, and can ask for it through

But the Holy Grail of credit info is the credit score, the numeric number assigned to your credit history, that is often the make-or-break in deciding if you will be extended credit, and if so, at what rate.  There may be a different credit score for each agency, but the one most often used is the one created byFICO (formerly Fair Isaac Corporation), often called the FICO score.  Fair Isaac says will give you the score FREE.  Well, it's free IF YOU DON'T COUNT THE SUBSCRIPTION FOR SCORE WATCH.  If you cancel your subscription within the 10 day trial period, it will indeed be free.  Otherwise, it's $14.95 month.  Or, you could just buy it for $19.95, with no subscription, and be done with it.

Now there is another way to get a truly free credit score.  Since last July, the Federal Trade Commission has made it possible to demand a free copy of your score if you are turned down for a loan, or if you are given less favorable rates because of your credit score (risk-based pricing).  If so, the lender only has to give you the score that they used (which may or may not be the FICO), the range, and up to four factors that entered into your score.  You can see the regulatory details here.  For more information, call the FTC at 1-877-382-4357 (or 1-877-FTC-HELP).

No comments: