Free Credit Score Online
Your credit score used to be top secret information that only lending institutions are allowed to get a glimpse of. And even then, lenders can only see your score if you have applied for credit with them. That is how valuable your credit score is.
Now, with the passage of the new law governing credit scoring, a vital change has been made on how your credit score is to be released. Lenders are still allowed to check your score when you apply for a loan or a mortgage with them, but now, you can also see your own score.
This is a positive change, considering how you may get denied for credit and have no idea why. Since you can now view your own score, you can verify whether or not the lender was justified in denying you credit or giving you a high interest rate on account of your score.
Even better news is that there are many websites that offer free credit score online. Not only can you easily access your credit scores, you can also get them for free. This is entirely for your benefit.
The three major credit reporting agencies (Equifax, Experian, and TransUnion) that are responsible for assigning credit scores to consumers based on information found in their credit reports charge a small fee whenever you request a copy of your credit score. In fact, the only time you can request for free credit score online from any of these credit reporting agencies is if you fall under the following categories:
* You have been denied credit in the past 60 days
* You are unemployed
* You are on welfare
* You believe your credit report contains inaccurate information due to fraud
If you are none of the above, then you can’t request for free credit score online from Equifax, Experian, or TransUnion, unless you are willing to pay the small fee they charge.
However, in 2004, the US Congress passed a law that amended the Fair Credit Reporting Act (FCRA). According to the amendatory provision, consumers can now get free credit score online once every 12 months. Visit AnnualCreditReport.com for instructions on how to go about ordering your free credit report and free credit score online or off. Alternatively, you can also check the Consumer Section of the FTC website (Federal Trade Commission).
To get your free credit score online, you may need to provide your personal information to verify your identity:
* Name
* Address
* Social Security Number (usually no more than the last four digits)
* Date of Birth
The reason you are asked to provide sensitive information like the ones enumerated above is because identity thieves may try to pose as you in order to get your credit information. By verifying your identity before approving your request for free credit score online, the website offers you protection from these unscrupulous individuals.
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