How to Get My FICO Score

FICO scores, developed by Fair Isaac Corporation, is a measure of creditworthiness of a person. The three foremost credit bureaus in the United States - Experian, TransUnion, and Equifax - maintain credit files of all those Americans who have ever sought credit. Their credit scores are based on the FICO scores (pronounced to rhyme with Eye-Co). This means that you, in fact, have three different FICO scores. These scores come in handy when you are trying to apply for a loan for a car or a house, for a credit card, or any other type of credit. It allows the bank or the private loan provider to decide whether to allow or refuse you credit.

Based on the FICO score you have, your credit supplier, whether a bank or a private lender, will offer you credit terms. The higher your score the better terms you get, such as low down payment and a low rate of interest. A low FICO score would not be to your advantage if you are seeking loans or credit.

How To Go About It

As most of us do most of our transactions through credit facilities FICO scores have become a very important part of our lives. You need to keep track of your scores to avail of the best opportunities for credit. You can get your scores by signing up with any of the three credit bureaus or directly from Fair Isaac Corporation. You have to pay a fee to get your credit scores.

You can sign up for a 30-day trial with MyFICO ScoreWatch from Fair Isaac Corporation. You get to receive an Equifax credit score and a credit report along with a right to use a monitoring program for your credit. All this will cost you an annual fee of $89.95 unless you cancel before the 30-day period runs out. In this case you get your report and score for free!

Alternately you can sign up for a 30-day trial with Equifax Credit Watch. Along with a credit report from all the three major credit bureaus you also receive a FICO credit score - free. The monthly fee will set you back by $14.95 unless you cancel before the 30-day trial period gets over. Then the credit score and the report do not cost you a cent.

There are quite a few other sites from where you can get your credit score or a credit report. However, on request, the three credit bureaus are obliged to give you your credit report once every year, free of cost. Remember, your FICO score is not constant and will change with any change in your credit data. Certain private lenders may not only depend on your FICO score and may have their own methods of checking your credit. It is always healthy to ensure your FICO score is high.

Keep an eye on your credit report more than on just your score. Review your report on a regular basis to ensure there are no errors. It pays to have an accurate report.

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