A credit score is one of the most vital tools that creditors, landlords, insurance companies, and others use to determine your creditworthiness and credibility. It is always important to know the position you are in, and that is why monitoring your credit score is crucial. This makes it easier for you to try and correct it if it requires it.
Safety should always come first when you are checking your score, especially when identity theft and security breaches are rampant nowadays. You also do not wish to compromise your score in the process. Fortunately, some measures can be taken to protect the data and still obtain the score unharmed. This article focuses on how you can check your credit score safely and without the costs involved.
Understand the Different Credit Scores
One should first understand that the market does not have a single credit score accessible. Still, there are several scoring models and every one of them computes results differently. The most often occurring ones are shown here: The most often occurring ones are described below:
FICO Rating That is the reason the FICO score is acknowledged as the most often employed model in the loan industry. FICO ranges are 300 to 850. Generally speaking, any score over 670 is seen as good; any number beyond 740 is considered as outstanding. Under the credit score system, FICO indicates that your eligibility for better interest rates increases with increasing scores.
VantageScape Designed by the three credit reporting companies as well, the VantageScore runs on a 300 to 850 range. Though it is not very common, it will let you know where your credit position is right now. Usually, anything above 700 is seen as a decent score.
More Models Additionally used by insurance firms, landlords, utilities, and others are industry-specific ratings. First of all, several free credit score agencies provide credit ratings at an educational level using varying scales from FICO or VantageScore. Though not utilized by lenders, these educational results assist create a picture of your creditworthiness.
Examining your credit record first is smart before you apply for any loans or credit.
Visit annualcreditreport. com beforehand to get your credit reports if you want to review your scores. This is the only credit report website free and follows federal law. Every agency grants a one-year report to you. Payment records from Equifax, Experian, and TransUnion provide a comprehensive picture of credit history. Always make sure you check these elements you believe to be influencing your grades in one direction or another and voice complaints should they be incorrect.
How to Use Free Services to Check FICO or Vantage Scores Safely
Once you’ve verified your credit reports, here are safe ways to check your real FICO or Vantage scores for free: Once you’ve verified your credit reports, here are safe ways to check your real FICO or Vantage scores for free:
Discount coupons are offered by your bank or credit card company Some credit card companies and banks let customers have free FICO scores or educational scores online from time to time. Visit your account and check whether your scores are ready.
Discover Credit Scorecard: Credit Scorecard, which consists of a FICO score that is updated monthly and is available even if you are not a Discover customer. You can create an account and you do not have to spend any money.
Experian Boost Experian Boost is a service that contributes to improving your FICO score by adding positive payment histories of utility bills such as cell phone bills. When you link accounts, your FICO score increases are added right away; it is updated monthly afterward.
TV advertisement regarding free credit scores Credit Karma offers VantageScores and educational scores for free to its customers. Even though they employ a different scale than lenders, they can offer information regarding your credit changes over time. Just be careful and avoid being scammed by advertisements hinting at paid services.
Be cautious of ‘Free’ score services that seek to make you pay a fee
Most sites claim to offer free credit score information, but in truth, ask you to subscribe to their paid credit monitoring services. A great majority of these trials sign you up for a monthly membership after the trial period of 7 to 30 days. Avoid these deceptive "free credit score" offers because Avoid these deceptive "free credit score" offers because:
- They can be tricky to cancel once the actual enrollment payment is due.
- Alas, the hard inquiry to sign up can even decrease your scores even if you cancel it right away.
- The numbers they give frequently feature disclaimers saying that they are not the actual scores that credit companies utilize.
In other words, not every offer that is accompanied by a freebie is worth grabbing. Do not be naive by failing to consider the small print especially when putting in your credit card details. It’s better to rely on the services that are free of charge rather than going with the ones that have hidden fees incorporated.
You can track your credit frequently without damaging your credit rating.
Monitoring your credit score regularly is crucial to identify any identity theft concerns and monitor overall progress. However, it is a misunderstanding about the fact that this is a way of damaging your scores. Safely keeping track of one’s credit score does not at all have any negative consequences.
In as much as soft inquiries are done when you order credit reports and monitor your credit scores on your own, they are reported. Soft inquiries also do not impact any of the scores as these are only visible to you and not to any third party. However, hard inquiries are usually done when one is applying for new credit facilities are likely to reduce scores slightly.
If you stick to the safe legit methods we described above, you can check your score as frequently as you like and this will not harm you in any way. But do be careful of services that demand your personal details or credit card number immediately.
How to increase your credit score as time goes on
So, if you have learned how to check your credit score safely for free, time to start maintaining and increasing it. Make all payments as and when due, maintain low credit card utilization ratios, and refrain from applying for new credit. If you’re consistent in your management of your money and make timely payments to your credit accounts, your credit scores should gradually climb.
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