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Seeing Your Free Credit Score

Guest post by: Nathan Richardson

Article Overview: Can you really see your credit score without paying? Short answer is yes, as required by law. Here is how you can see your free credit score.

Seeing Your Free Credit Score

One of the complaints that many consumers have about credit scores is that they haven\'t had free access to the scores that are used when making a determination about credit. Sure, it\'s possible to get a copy of your free credit score from web sites like Quizzle and Credit Karma, but these scores are rarely the exact scores used by lenders to make decisions.

Now, though, it is possible for you to find out what score was used when you are declined for credit. July 21, 2011 was the day that a law took effect stating that consumers have a right to see the exact score that was used when deciding to decline a credit application. This means that you will be able to see a copy of your credit score for free.

In addition to providing you a free copy of your credit score if you are turned down for credit, you also have the right to see your score if some other adverse action is taken. An adverse action might include being charged a higher interest rate than the best possible rate, or being charged a higher insurance premium if the insurance company checked you credit score.

Not All Scores are the Same

Of course, just seeing the credit score used in one loan decision won\'t mean that a different credit score will be used for the next decision made about a loan application. This is because not all credit scores are the same. Your credit score is based on information in different credit bureaus. If one lender uses a credit score based on information from TransUnion, and another lender looks at your credit score based on information from Equifax, there might be a different result. Or, if the lender uses the VantageScore, rather than the FICO score, your credit will appear differently. In some cases, a financial institution might use its own credit scoring model.

The good thing about the new law is that you will be able to at least see what credit score was responsible for a disappointing result (you aren\'t entitled to see your credit score if you are approved for the best terms), and you can have it explained

to you. However, seeing that one score won\'t mean that your other credit scores are going to be the same.

FICO: Still the Most Widely Used Model

Your FICO score is still the most widely used score for credit decisions, though. So, if you know your FICO score, you are likely to have a reasonably good idea of where you stand. On top of that, most credit scores are based on similar criteria.

For the most part, if you make your payments on time, keep your debt levels low, and try to avoid applying for credit too often, you should be able to maintain a good credit score. You should also check your credit reports and your credit accounts

regularly to make sure that someone isn\'t using your name fraudulently. Having inaccurate or fraudulent items removed from your credit report can also help you keep your score in good shape.

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Article Tags: credit scores, free credit scores



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