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Free credit score report by government regulations

A lot of people are aware that anybody can receive a free credit report for his own credit history once a year for free –and some of them expect to have a free credit score to be provided by the government regulations. But that’s not going to happen. Despite that you have several options to find out what your credit score is.

First of all – everybody (if ever had any credit events in a life) has three credit reports in 3 major credit bureaus – Equifax, Trans Union and Experian. All 3 organizations collect your credit events like if somebody makes an enquiry of your credit or if you apply for a new loan or you fail to pay a credit card minimum payment. These events are recorded very thoroughly and are stored as your credit history.

By the Fair and Accurate Credit Transactions Act every US resident is entitled to have one free credit report every year. When you make and inquiry about your credit report from 3 credit bureaus you get a list of all credit events during current year.  But a credit score is not a part of this credit report and is offered for extra money.  The money you pay for credit score is usually below $10 this maximum fee it is regulated by government. But we usually prefer free options and there are several solutions for us here.

First option is to sign up for a credit monitoring service from Trans Union, Equifax, Experian or any third party vendors, get the benefits of knowing your credit score and then cancelling a service before the end of 1st month. The only problem here is that you will need to enter your credit card when subscribing to a service –and in case if you forget to cancel you definitely will be charged. And anyway it is not very comfortable to enter your credit card details if you do not want to pay.

Other option is to use one of the subscription based credit monitoring services that offer you service for free (advertisement based). That means that you will never be charged for the service, the vendor offers you some credit card, loans and other financial solutions as an advertisement instead.

Some of these providers are:

CreditKarma offers really free credit score that you can update every day. The score is based on your Trans Union credit score. The advertising on the site is not annoying at all, but you’d rather find a lot of free and useful stuff there – for example by using a credit score simulator you can roughly predict how certain actions like taking an auto loan or closing your oldest credit card can affect your score. It is very interesting game to play –you never know before how strange some actions can be interpreted in a credit score. You can also browse offers of different credit cards, loans, mortgages there, which are customized for you and based on your score and credit history.

Quizzle offers you free Experian report and credit score. The subscription is free and you will also find a lot of advertisement based offers and free tools and advice regarding your credit.

Credit Sesame will provide you free credit score based on the Experian score.  It will also provide you with saving tools, advice and offers from different providers.

All these services are really good, you can create a free account at all of them and always stay informed about your credit situation.


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