Credit Card Solution

Credit score Q&A: “How do I get my credit score?”

If you’re curious where you stand credit score-wise, the best way to put the question to bed is by ordering a credit report.

However, the free credit report offered by the government doesn’t actually contain a credit score – you only get a credit report, which includes all the relevant info regarding payment history, collections, charge-offs, etc.

If you actually want to view your credit score, you’ll have to pay an additional fee.

Credit Scores are Controlled by the Credit Bureaus

The 3 major credit bureaus are able to stay in business because they sell credit scores to consumers.

As a result, the government can’t offer a free credit score because it would put these private companies out of business.

So how do you get your credit score without paying an arm and a leg?

Well, first off, there are three credit scores (one for each credit bureau), not just one.

Paying for each credit score separately, or paying for just one doesn’t make a lot of sense.

For starters, one credit score doesn’t give you the overall picture because credit scores differ amongst bureaus.

Additionally, a creditor may rely on a credit score from the credit bureau that you don’t purchase a credit score from.

So it’s only wise to get your credit score from a company that provides access to all three.

Credit Score Pro is currently offering free access to all three credit scores for 30 days, making it a good choice if you want to view yours.

Keep in mind that if you don’t cancel within the 30-day trial period, you’ll be charged $14.95 per month thereafter for credit monitoring.

According to the Free Financial Dictionary, credit score is defined as,

A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person, which is the perceived likelihood that the person will pay debts in a timely manner. A credit score is primarily based oncredit report information, typically sourced from credit bureaus / credit reference agencies.

In laymen’s terms, a credit score is an at-a-glance measure of risk for banks. The higher the number, the less risky you are to lend to or be given the ability to charge purchases to a line of credit.

In the USA, there are three main institutions that calculate this figure for you: Equifax, TransUnion and Experian. Each will have their own credit score and their own way of figuring out where your number lies.

As a student, you may wonder what it means to you. Sim

Read all post…

All this credit stuff can get pretty complicated.

But two things you should have a handle on are credit reports and credit scores. Each are important in their own right, and both are necessary to assess your overall standing as a consumer.

While the pair certainly overlap, they are two entirely different things.

Credit Reports

A credit report contains a wealth of information about you, including basics like your name, address, social security number, and employment history.

Additionally, your credit report will list your credit history, with information on the types of accounts you’ve got open, how long they’ve been established, what their associated balances are, and if they’re current or derogatory (collections, charge-offs).

Any recent credit inquiries will also show up on a credit report so creditors can determine if you’ve been shopping around for new credit.

While all this information can be very helpful to both consumers and creditors, both parties seem to be most interested in credit scores.

Credit Scores

A credit score is simply a three-digit number between 300-850 (credit score range) for Fico scores, and slightly higher for VantageScore.

Generally, a credit report will contain three credit scores, one for each of the main credit bureaus. These c

Read all post…