18 Oct Where Can I Get My Free FICO Score?
Where Can I Get My Free FICO Score?
Well, the answer is nowhere!
Your FICO Score is brought to you by Fair Isaac & Co., and it is the score that lenders want to see when they determine whether or not to lend you money, and under what terms they will lend you money. But if you want to see your FICO score you will have to pay for it.
When Congress enacted a law requiring the big three credit reporting agencies to give you your credit reports for free, it failed to include Fair Isaac.
A study performed by the Consumer Federation of Americarevealed that almost 75% of Americans believed that they were getting their FICO score when they got a credit report.
So, when you do get your free annual credit report from the big three, why is there a credit score? The answer is that all three have their own scoring system: Equifax’s ScorePower, Experian’s PLUS score, and Transunion’s Credit score, but these “scores” are nothing more than their best guess as to what your FICO score might be.
Fair Isaac has a secret formula for calculating your FICO score, and the guestimates by the big three have been known to be off by as much as 100 points either way.
So if you want your actual FICO score the only place you can get it is MyFico.com, but you will be charged $15.95 per credit reporting agency or $47.85 for all three credit reporting agencies.
Yes, you read that correctly! Even though there is only one FICO, you may well have three different FICO scores depending upon what information the three credit reporting agencies have about you.
Until such time as Congress requires Fair Isaac to give you an annual look at your credit scores for free, make sure that you review these scores and all three of your credit reports before making any major purchases.
If you find that the information is not accurate, contact an attorney experienced in consumer law issues.
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