Obtaining Your Credit Scores: What You Should Know

Obtaining your credit scores is easier said than done. There is no central repository for obtaining scores like there is for credit reports. AnnualCreditReport.com is the official site that was setup due to action from Congress to help consumers obtain their free credit report. The site, unfortunately, does not provide a similar service to get credit scores.

The major credit reporting agencies, which include Experian, TransUnion and Equifax are required to supply a free credit report once year to each consumer that requests one. The same is not true for credit scores.

Each of the three big credit reporting agencies will supply a credit score to a consumer on request, but there will be charges for this service. Additional companies also sell credit scores directly to consumers for a charge as well. Some companies simply sell the credit score and credit report upon request while others offer the consumer a credit score free as an added feature for purchasing another service such as credit report monitoring services. Either way, to get credit scores today will cost money.

For consumers that just want their credit report, the website listed above is the resource to obtain a free copy of your credit report. This site is essential for maintaining a good credit score and improving your credit score since each score is based on the information that is in your credit report. It is also worth considering using a quality credit repair service if you are going to invest in a professional credit restoration company too. 

Checking your credit report regularly is good practice to maintain a good credits score or check on the status of any credit score improvements. The score produced will be based on data from the credit reports using a credit score model that may be supplied by the credit reporting agency or a third party and the credit score model cannot be overlooked.

When most bank and lenders get a credit score for a loan or credit request, they are frequently using the FICO score created by Fair Isaac Corporation. The FICO score is the most commonly used scoring system which is important to consider when reviewing your option to receive a score. If someone is going to pay for a credit score it is certainly worth considering which credit score has the biggest influence on the market.

The important points for consumers researching how to get a credit score, is that your rating will not come free of charge and there are a number of different credit score models used with just one of these, FICO scores, dominating the market.

At the end of the day, it is easy to obtain your score. You just have to make sure you are getting the right score and know what the costs are. Once you understand the process and what your needs are, to get a credit score can be a straight forward process with your score delivered online or by mail.

Don’t forget, your score is based solely on the data in your credit report and will change when information in your credit report changes. The good news is that you can improve your credit scores by improving the underlying data in your credit report. Often these changes are done slowly but sometimes the credit report data can be improved quickly resulting in an immediate improvement in your rating.