Is It Possible To Get A Free Credit Score?

There has been a constant debate about the fact if a free credit score exists or not? But before we provide answer to this dilemma, let us first understand what exactly is a credit score?

What is Credit Score?

Credit score is a three digit number that is indicative of your financial status at a glance. It is calculated by the three major bureaus independently according to all financial transaction that are made by you and everything that affects your creditworthiness, ranging from paying of utility bills to foreclosures and tax liens.

Free Credit Scores By Private Credit Service Providers

Equifax, Experian, and TransUnion are the three major credit bureaus that provide credit scores, credit monitoring services, Identity theft protection, fraud alerts and a detailed analysis of credit reports. Trial periods are made available by the three bureaus during which you can gain access to your free credit score.

You can cancel the subscription anytime before the end of the trial period and keep the scores for free, without having to pay a single penny. However, if you wish to access your free credit scores on a regular basis, you can subscribe for your monthly credit reports and scores from the three bureaus by paying a small monthly fee. 

Credit Score under FCRA

Apart from gaining free credit scores by the above method, under the Fair Credit Reporting Act (FCRA), all American citizens have the right to free credit reports by all the three bireaus but the free credit scores are not available along with these reports.

Although in case of errors in the credit reports, when the items are disputed and corrected in the report, the consumers are entitled to get a free copy of the corrected credit report. If your loan application is rejected due to your incorrect credit report, you have the right to ask the bureau to send you as well as the concerned lender with your free credit report and score.

Free Credit Scores When Credit Report Is Pulled

When you apply for a loan like, auto loan, home mortgage loan or car loan, the lender will pull your credit report, which contains your credit scores, to determine your creditworthiness. You can then ask the lender about the scores, irrespective of the fact that your loan application is approved or rejected.

Conclusion

Thus, while the law provides the consumers with a free credit report, they have to pay for the credit score. The private credit service providers provide a free credit score by the three major credit bureaus if you purchase a credit report and sign up for their services. The credit score is therefore, not truly free.