Where Can I Get My Credit Score for Free – Like Totally Free?

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Reader question: “I have been trying to figure out where I can get my credit score for free online. So far, it has been a frustrating experience to say the least. I’ve encountered more than a dozen websites that shout about free credit scores. But then when I click on the button to get it, they want me to sign up for some kind of trial or service. Can you tell me where I can get my credit score for free, without signing up for any of this extra stuff?”

You’re right to be frustrated. The credit industry is notorious for big promises, bait and switch, and a whole lot of fine print. It seems that you’ve experienced this firsthand. Not to worry though. By the time you finish reading this response, you’ll know the truth about free credit scores.

How to Get Your Score for Free — With Strings Attached

It sounds like most of the websites you have visited are really promoting their credit-monitoring services. You might see a big splashy headline that says you can get your credit score for free through the website. But, as you’ve learned, there are usually strings attached. These companies want you to sign up for some kind of monthly monitoring service. It might be referred to as a credit-monitoring service, or identity theft protection. Either way, they charge you a monthly fee to monitor your credit reports for suspicious activity.

I have seen two strategies used with these services. The first strategy is where they offer you your credit score for free when you enroll directly into the monthly monitoring service. You might actually get your score for free, but your credit card will be billed for the cost of the monthly service. You will be billed every month thereafter until you cancel the service. The second strategy is the same as the first, except they offer a free trial of the monitoring service as an added incentive. This is where you get your free credit score in addition to a free month of monitoring.

As you can see, the free score is basically an incentive to get you to sign up for something that’s going to cost you money each month. So is it really “free”? I guess it depends on your definition of the word. It reminds me of when President Clinton was testifying before Congress during the Monica Lewinsky scandal. He made the famously evasive statement that “it depends on what the meaning of the words ‘is’ is.” If you ask me, a free credit score is where you get the score without even having to pull your wallet out of your pocket. But that’s just one man’s opinion.

Free Credit Scores When Applying For a Loan

If you apply for credit of some kind (such as an auto or mortgage loan), you might receive a free copy of your credit score. This is the result of a new law that took effect in 2011. Actually, there are two new laws that relate to credit score disclosures, and they are closely related. There is a lot of confusion surrounding these disclosures, because most people don’t realize there are actually two new laws (on top of an existing one). Here is an overview of the new laws, and how they may help you get a free credit score when you apply for financing.

The first new rule took effect at the beginning of 2011. It is called the Risk-Based Pricing rule (RBP). Risk-based pricing is when a lender prices a loan or sets certain terms based on the borrower’s risk level. For example, if you apply for a mortgage loan and receive an interest rate that is higher than average because your credit is bad, you have experienced risk-based pricing.

How does this relate to free credit scores? Basically, whenever a lender uses your credit score information to approve you for financing, they must send you one of two notices. They must either send you the Risk-Based Pricing notice, or the similar Credit Score Disclosure notice. They must do this when you have received less favorable terms (a higher interest rate, additional fees, etc.) than what they have offered to other borrowers. In other words, if they charge you extra fees or jack up your interest rate because of your credit, they are required to disclose it. Part of the disclosure will include your credit score. So this is another way to get your credit score for free.

The second new law, which took effect in the summer of 2011, is very similar to the first one described above. The difference here is that the lender must provide disclosure when they actually turn you down. This one is known as the Adverse Action Notice.

So we have two lending rules, and two situations where you could get your credit score for free. The Risk-Based Pricing rule typically applies when you get approved for financing. The Adverse Action notice applies to situations where the lender declines your application for credit.

I know it’s confusing. Basically, you have one disclosure that has always been part of the Fair Credit Reporting Act (that’s the Adverse Action notice). On top of that, we have two new laws that took effect in 2011. So there are several different types of disclosures that could allow you to get your credit score for free. This applies to most types of financing, by the way. We’re not just talking about mortgage loans here. The same rules apply for credit cards, auto loans, personal loans, etc.

You Can Buy It For around $20

As you can see, there are many places where you can get your credit score for free (with no strings attached). You might get a free score when you enroll into a monthly monitoring service. But you’ll end up paying for that service unless you cancel it before the first billing date. You might also get a free copy of your score when you apply for financing, such as an auto loan or mortgage. It will come in the form of a disclosure notice that includes other information as well.

[See also: A simplified guide to your credit score]

If you only want to see your credit score, but none of the other items we discussed, you should consider simply purchasing your score. At the time this article was written (November 2011), the cost of a score through the MyFICO.com website was around $20. This included scores from two out of the three credit-reporting agencies. The website’s home page focused on the free score that requires enrollment into a monthly service. But I was able to find the page where I could purchase my scores by themselves.

From a revenue standpoint, it makes sense that they would want to promote the free score with the enrollment option. They make more money charging an ongoing monthly fee than a one-time fee for the credit score alone. They are running a business, after all. And businesses are profit driven.

Important: Check Your Credit Before You Seek Financing

The important thing is that you check your credit before applying for any type of financing. You don’t want the lender to know more about your financial situation than you do. How could you possibly negotiate in this situation? You want to know where you stand in terms of credit, before you apply for a loan or credit card. That way, if you’re offered and interest rate that is higher than average, you’ll know whether or not it’s justified. You’ll also be in a better position to negotiate for a better rate.

[See also: Frequently asked questions about credit reports]

This article explains where you can get your credit score for free. If you found this information helpful and would like to read similar articles, use the search tool located at the top of this website. We have dozens of credit-related articles on the site, and our library is growing every day. Good luck!