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Monitoring your credit score is essential, and more companies are now offering free access to it, making it easier than ever to stay on top of. Here are several options to get your hands on a free credit score.
You're entitled by law to a free credit report once a year. The FTC suggests using AnnualCreditReport.com, which is great for getting a detailed look at your credit history, but it doesn’t include a credit score. In this article, we'll focus on how you can access various types of credit scores for free.
Watch Out for Credit Score Scams
While there are many legitimate ways to check your credit score for free, there are also plenty of scams to be wary of. We've previously warned our readers about Freecreditreport.com, which lures users into signing up for costly subscription services. Here are some warning signs to be mindful of:
Requesting your credit card details
Promising a "free trial" period
Insisting on a "subscription" model
Sending unsolicited emails with attachments or links
For more insights on how to steer clear of these scams, take a look at this post from U.S. News & World Report.
Getting to Know Your Credit Score
Credit scores can be tricky to understand. While FICO is the score most frequently used by lenders, the free credit score you receive may or may not be a FICO score depending on where you get it from.
Some companies provide scores from one of the three major credit bureaus (Equifax, Experian, and TransUnion). Alternatively, they might offer an "educational score," which is just a general indication of your credit health. And the list of potential scores doesn't stop there—different lenders may use various types of scores.
Understanding which score you’re working with and how its ranges differ is crucial. For instance, a 700 FICO score won’t be the same as a 700 VantageScore. Below are some of the most common credit scores along with their ranges, according to Credit Karma:
FICO: typically ranges from 300 to 850
Experian: ranges from 330 to 830
Equifax: ranges from 300 to 850
TransUnion: ranges from 300 to 850
VantageScore: ranges from 501 to 990 (often with a letter grade, A - F)
Visit Credit Karma’s full post to dive deeper into how credit scores can vary. Remember—these scores are just a rough guide to your credit health. It’s essential to regularly and carefully check your credit report.
Banks & Credit Cards
Wells Fargo: From now until November 16th, Wells Fargo customers can obtain a free copy of their VantageScore and Experian credit report. You’ll need to visit a branch to receive a "personal access code." This marks the third consecutive year they’ve offered this benefit.
Barclaycard: Customers can access their FICO score online for free. They will also be notified via email whenever their score changes, and can view the following details:
Two key factors influencing your score
A historical graph showing the progression of your score (after three months of history)
First Bankcard: If you hold a credit card with First National Bank, you can get a free copy of your FICO 8 score, the one used for managing your account. According to the site:
By logging in each month, you can:
• Access your FICO® Score 24/7, online
• Learn which Key Score Factors have impacted your FICO® Score
• Discover ways to improve your financial health
Walmart Credit Card: If you're a holder of the Walmart credit card, you can sign up to receive a free monthly FICO score. Additionally, they will notify you of the top two factors that are affecting your score.
Discover: Discover cardholders can view their FICO score for free on their monthly statements. It's important to note that this benefit is exclusive to consumer credit cardholders, not business cardholders.
Capital One Card: Cardholders have access to the Credit Tracker tool, which uses your TransUnion credit report to generate a personalized "Credit Tracker Score." According to the site:
Lenders utilize various scoring models to assess your credit score, all of which take into account key factors such as your history of on-time payments and credit report details to gauge your likelihood of repaying a loan. The Credit Tracker score is based on the TransUnion New Account Model and is intended for informational use only.
Online Services
Credit Sesame: As previously mentioned, Credit Sesame is known for offering a free monthly credit score and monitoring service. No credit card is required, and they provide access to your Experian score.
Quizzle: Another service we've discussed, Quizzle provides a free copy of your VantageScore credit score along with your Equifax credit report. Best of all, you don't need a credit card to access this service.
Mint: Mint users can now choose to receive a free copy of their credit score, provided by Equifax. In addition, you'll get a free summary of your credit report.
Credit Karma: We've highlighted Credit Karma as one of our favorites due to its great features that help protect you from identity theft. For instance:
They provide free weekly credit monitoring through TransUnion.
If you use their app, you’ll get push notifications every time there’s a change in your credit report.
They also provide access to a VantageScore, auto insurance score, and home insurance score.
Credit.com: This service offers both an Experian National Equivalency Score and a VantageScore 3.0. In addition, the site provides an explanation of your scores along with a plan to help you improve them.
On a related note, our own Alan Henry shared insights on how to monitor your credit report throughout the year for free. Credit monitoring involves watching for changes or suspicious activities on your credit report. To learn more about keeping an eye on your credit for any irregularities, check out Alan's post.
