Can I Get My Credit Scores for Free?
By Gina PogolMortgage Credit Problems Columnist
Jeff Asks: Dear Gina, Many sites claim to offer free credit reports and credit scores, but when I try to get them, I find that I have to sign up for (and pay for!) credit monitoring or other services. I want to check my credit before I refinance my mortgage. Is there really a way to get my credit reports and scores for free?
Gina Says:
Dear Jeff,
You are right; when it comes to credit scores it seems that there is no free lunch--except now there is. According to an article in The Wall Street Journal, new sites paid for by advertising are making it possible for you to determine your credit scores.
Free Credit Reports Are Available, But How About Scores?
Consumers are entitled by law to a free credit report at AnnualCreditReport.com, but the numerical scores derived from these reports do cost you--credit reporting agencies aren't required by law to provide them for free to consumers, so of course they don't.
Try These New Companies for Free Credit Scores
However, Nature abhors a vacuum, and some new companies have stepped in to fill a need--offering consumers a good estimate of their credit scores at no cost to them. The sites--Credit.com Inc., CreditKarma.com, and Quizzle.com--also explain how key factors determine your scores, what you can do to improve them, and how your credit ratings compare to those of other people.
Obtaining your scores from the sites is fairly easy. Just set up an account and answer several questions to verify your identity. You are not required to sign up for any services or provide a credit card number. You do have to provide your Social Security number to Credit.com andCreditKarma.com.
Quizzle.com is a little different. It uses information you provide when setting up your account to suck in your credit report from Experian. Then, matches your identifying information to the credit report. If your information doesn't match, you may need to provide your Social Security number. None of the sites share or sell your personal information with third parties.
How Accurate Are Free Credit Report Scores?
When tested against actual credit scores from the three bureaus--Experian, TransUnion, and Equifax--scores provided by these new companies were not exact duplicates. However, they did place consumers into the correct credit classifications or tiers, providing a good estimate of how lenders would view an individual's credit. Knowing what tier you fall into can help you determine if you qualify for the best mortgage rates, or if you have bad credit that could cause you problems with your refinance.
Hope this helps,
Gina
About the Author
Gina Pogol has over a decade of mortgage lending experience, in addition to practice as a paralegal for a bankruptcy attorney, and as a business credit consultant for Experian. She is also certified to underwrite Fannie Mae loans. She earned her BS in Financial Management from the University of Nevada.
All information provided “as is” for informational purposes only, and is not financial advice. MortgageCreditProblems.com, its affiliates, and any of the independent providers of information on this site shall have no liability for any informational errors or incompleteness, or for any actions taken in reliance on information contained herein.
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