Types of Free Credit Scores
Not all scores are valuable. Before taking advantage of an offer for a free credit score, make sure you know what you’re getting. The most important score these days is the FICO score - it is the one most lenders use on big loan decisions. For more details, see below:
Free Credit Scores From Lenders
Next time you borrow, ask for a freebie. When you apply for a loan, your lender most likely gets a credit score as part of the lending decision. Ask them to tell you your score - they may not know that you’re curious. In addition to traditional lenders, peer to peer lenders often provide a free credit score (or some indication of where your score is) if you sign up.
This will only get you a free credit score when you apply for a loan, but you may want to get the scoop more often.
Washington Mutual Free Credit Scores
Washington Mutual is unique because the bank provides free credit scores to credit card customers. If you have a credit card with them, you can view free credit scores online. The scores are genuine FICO scores, based on information in your TransUnion reports. Note that scores from other credit bureaus will be different.
Promotional Free Credit Scores
The web is full of sites promising free credit scores. You often sign up for a trial offer, get free credit scores, and then have to pay a subscription fee. However, you can cancel trial offers and skip the payments.
While this method gets you a free credit score, you have to jump through some hoops to do all the trial offers. In addition, you’re submitting sensitive personal details to different websites, so the risk of identity theft increases. Finally, your name and contact information end up in more and more marketing databases and you have to pay the price for years to come.
I wouldn't consider these truly free credit scores, but they'll do in a pinch.
Free Credit Scores From Alternative Scorers
The FICO credit score is really the most important score for important loans. However, you can get alternative custom-made scores from different organizations. These scores do not use the exact FICO algorithm (sometimes they're called "FAKO" scores), but they can give you some idea how you stack up to other borrowers. Beware that these scores seem to be a bit higher than your FICO score.
How do You Get Free Credit Scores?
You’ll find a few ideas above, but there are undoubtedly more ways to get free credit scores? If you have found a way that works for you, please share it with us. Post your free credit scores in the forums, or email us.
