How Can I Check My Credit Score Online for Free?

Reader question: "Every time I visit a mortgage or real estate website, I see ads for free credit scores and reports. Is this a gimmick, or can I actually check my credit score online for free someplace?"

This question is too complex for a yes or no answer, so let's take a step back and look at the bigger picture of credit reporting. And I promise to answer your question before all is said and done.

Credit Score Terminology

Everything I'm about to tell you will make more sense if we start with a few definitions. When you're dealing with websites that allow you to check your credit score online (for free or otherwise), there are generally three pieces to the puzzle. You generally have the credit reports, the scores, and some form of monitoring service.

You don't always need all of these things to accomplish your objectives, but they are generally present when you try to check your credit score online.

So let's talk about each one of these items in turn:

• Credit Reports -- You actually have three different reports, one for each of the credit reporting agencies that maintain data on U.S. consumers. You can get all three of your reports for free once per year, so there's really no need to discuss them further in this article. What you need to know about your reports is that they are used to produce your credit scores (which are the numbers used by lenders to determine your creditworthiness).
• Credit Scores -- When you apply for a home loan, or any other type of major financing, the lender will review your FICO credit scores. And just like the reports mentioned earlier, you have three of these scores as well -- one for each of the reporting bureaus. I have yet to find a website where you can check your credit score online for free, without having to pay for some kind of monitoring service (next item).
• Credit Monitoring -- This service is also referred to as identity theft prevention, credit protection, and a few other names. Regardless of what you call it, the service is generally the same. The company will basically monitor all three of your credit reports, with an eye out for suspicious activity that may be a sign of credit fraud.

Checking Scores Online for Free

So let's get back to your original question: Is it possible to check your credit score online for free with no strings attached? In my experience, there is no such thing as a totally free score, because you always have to pay for something in the end.

In most cases, companies will offer a free score online, with the caveat that you must sign up for some kind of identity theft prevention or credit monitoring service. In fact, when you see one of these offers online that allows you to check your scores for free, you can read the fine print and probably find something to this effect.

Here's what you should take away from this article. It's important to check your credit score when you plan to buy a house and apply for mortgage loan. If you just want your scores, without any kind of monitoring service, you can expect to pay a small fee for them. If you do accept one of the offers that allow you to check your score online for free, you'll probably have to sign up for some kind of monitoring service, as described above.

Do you need such a service to protect your identity? That's a decision you have to make on your own, by researching the ID theft statistics and weighing the risks.