Knowing your credit score is a vital part of building a solid financial future. Because banks, credit unions, online lenders, and other financial institutions use your credit score to determine your creditworthiness, you must have an adequate credit score to obtain loans for college, cars, mortgages, and more. Credit card companies also rely on your credit score, so it is imperative to monitor your credit score to ensure you have options when you need to make a large purchase.
So where can you check your credit score for free? Lots of places!
Equifax, Experian, TransUnion
Your credit score is based on the information in your credit report. Each of the three national credit reporting agencies gather information from credit card companies, banks, credit unions, online lenders, and other lending institutions.
Equifax and Experian make it easy to access your free credit score.
Equifax
Equifax offers a free credit score once monthly.
Experian
Experian, offers a free credit score once weekly.
FICO and VantageScore
All three credit reporting agencies use one of two models for calculating your credit score: FICO and VantageScore.
FICO and VantageScore make it easy to access your free credit score.
FICO
FICO scores are generally calculated using five categories of information contained in your credit reports:
Payment history (35%)
Credit utilization (30%)
Length of credit history (15%)
Mix of credit types (10%)
Number of new credit accounts (10%)
Get a free FICO score from the company that developed the model.
VantageScore
VantageScores are determined using six categories of information from your credit reports. While it doesn't specify the exact percentage each category contributes, it describes their influence levels as follows:
Payment history (extremely influential)
Credit utilization (highly influential)
Length of credit history/Mix of credit types(highly influential)
Amounts owed (moderately influential)
Recent credit behavior (less influential)
Available credit (less influential)
Get a free VantageScore from the company that developed the model.
More Ways to Check Your Credit Score for Free
Banks and Banking Mobile Apps
If you have a checking or savings account, you likely have access to your credit score from one or more of the three main credit reporting agencies: Equifax, Experian, or TransUnion. Open your mobile app to see if you have on-demand access to your credit score through the app. If not, your bank may display your credit score when you log into your account online. And finally, if you can’t find your credit score in your online account, call or visit your bank to speak with a customer service representative.
Banks that offer free access to your credit scores:
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Bank of America
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Capital One Bank
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Chase Bank (No Chase account required.)
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Citigroup
Credit Card Companies
If you have a credit card, you can likely access your credit score through the credit card company’s mobile app or when you sign into your account online.
Most of the top credit card companies offer free access to your credit score:
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American Express
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Bank of America
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Barclays
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Capital One
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Chase
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Citi
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U.S. Bank
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Wells Fargo
Credit Monitoring Services
While many credit monitoring services are by subscription only, there are a few reputable companies that offer credit card scores for free.
But What About Your Credit Report?
Your credit score is critical information because it assigns a numerical value that lenders use to evaluate your creditworthiness. Your credit score can make the difference between getting a loan or credit card or having to look for other options. Creditors also use your credit score to determine your interest rate.
Your credit report is a summary of your complete credit history, including all credit card and retail store accounts, car loans, student loans, personal loans, and mortgages as reported to Equifax, Experian, and TransUnion.
Creditors furnish the following information to each of the credit reporting agencies:
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Number and dates of open and closed credit accounts
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Record of on-time and late payments
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Credit balances and credit limits
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Number of credit inquiries in the last 2 years
Your credit score, either a FICO score or VantageScore, is determined by the information in your credit report, so it is important to know what has been reported by your creditors.
The easiest way to get a credit report is through the only agency with authorization to share it:
AnnualCreditReport.com. Prior to 2020, consumers were only allowed to request one credit report a year. Due to the rise of identity theft during the Covid-19 pandemic, all three credit reporting companies have agreed to allow consumers to access their credit reports weekly.
It is important to check your credit reports on a regular basis not only to ensure you have not become the victim of identity theft but to also correct any inadvertent errors that could be made by furnishing lending companies or credit reporting agencies.
Know Your Credit Score
Monitor your credit score and credit reports regularly. Notice how your financial decisions affect your score so that you can use credit to your advantage. If you have additional questions about your credit score or credit reports, contact the professionals at AMG Finance. We are here to help you understand how credit works so that you can access it when you need to.
