There’s one official source for free credit reports online, and that’s annualcreditreport.com. You can pull reports from all three major consumer credit bureaus: Equifax, Experian, and TransUnion. It’s simple, it’s free, and you can do it up to once a week.
Your credit score is something else worth checking. Credit scores are generated using information on your credit report, giving you a snapshot of your credit history. Your scores could help you track your credit progress, find the right credit products, and decide on which creditors to use.
Below, Freedom Debt Relief breaks down where to get your score for free, which credit scores to check, and what really matters when it comes to credit scores.
Key Takeaways:
Banks, credit card issuers, credit bureaus, and credit-monitoring apps often let you check your credit score for free. Checking your own credit doesn’t hurt your credit score. It’s a soft inquiry, which has zero effect on your credit.
The easiest way to check your score might be to start with your bank, but you have a range of options.
Bank or credit card issuer
Your bank's online portal or mobile app could show you one of your credit scores. Credit card issuers typically offer some type of free credit score tracker, too.
The type of credit score you see will depend on the bank or issuer. Some may use FICO scores, while others will provide you with a VantageScore credit score. The model used may vary between banks, too.
Often, your bank or card issuer will regularly update your credit score, so you can track changes to your score over time. Any big changes to your credit score could be a sign you need to check your credit reports.
Credit bureaus
You can check your score through any one (or all) of the three consumer credit bureaus. Equifax and TransUnion show your VantageScore. Experian shows your FICO score. You'll need to sign up for an online account to get your free credit score through the credit bureaus.
Credit monitoring apps
Third-party credit-monitoring apps, like Credit Sesame or CreditKarma, also let you track your credit scores. These apps typically use VantageScore credit scores.
Many of these platforms have free options, so don’t feel compelled to sign up for a subscription just to see your credit scores. These apps often offer other services, too, that may require upgrading to a paid plan.
Generally, lenders use credit scores from two credit scoring agencies: VantageScore and FICO. On top of that, each agency offers a range of different credit scores based on different types of credit-scoring models or algorithms.
In other words, you have dozens of different credit scores—and they're all valid. You never know which credit score a lender will check, so it could be smart to check both your VantageScore and FICO score to see the full picture.
While the models themselves are different, each is based on the same 300-850 point scale. The best credit score you can have is 850, and the lowest credit score you can have is 300.
Your credit scores give a snapshot of your credit history at a given point. In most cases, the exact number is less important than how it changes over time. Scores have small fluctuations from month to month, but you want your credit scores to generally increase over the years.
Any big decreases in your scores could mean something needs attention. You should probably check your credit report to see what's happened.
Look for errors—you can dispute these and possibly boost your credit score.
Your credit report shows you the following:
Many credit reports are wrong somewhere. A Consumer Reports study found that 44% of participants who successfully checked their credit report found a mistake. One in three found errors related to their personal information.
The biggest flags to watch for may be unfamiliar accounts, wrong balances, or late payments you think you made on time. These could be weighing down your score, which is not good for your loan options. You can report errors to the credit bureaus, which are required to investigate and remove them if the information is incorrect.
Your credit score and credit reports are tools you can use to get rid of debt.
Where to start: Each account on your credit report has an account name, a balance, and a payoff status. Write these down. Add interest rates for each debt. Your credit report doesn’t include these, so you’ll need to pull from another source (such as your online account).
The goal is to have a clear list of what you owe, how much, at what interest rate, and whether you’re current. This is your starting point.
Your credit score tells you about your options. For example, with a 720 score, you could have multiple options for debt consolidation loans. With a 580 score, consolidation may be harder. You might prefer to increase your score or consider other alternatives.
It's important to remember that you have options for dealing with debt, no matter your credit score. This could include:
This story was produced by Freedom Debt Relief and reviewed and distributed by Stacker.
