Free Credit Scores Online - How It Really Works

About once a week, we receive the following question from one of our readers: "I am trying to get my free credit scores online but I cannot find a website that provides it. Most of them ask me to sign up for some kind of monthly service. Where can I get my credit scores online for free these days?"

Let me start with a bit of truth that should eliminate most of the confusion. As of this publishing date, there are no websites that offer truly free credit scores for consumers. In all cases, you will have to sign up for some kind of service such as credit monitoring / ID theft protection. So while you won't necessarily pay out of pocket for the scores, you'll have to pay for something.

Credit reports are a different story. You can certainly get those online for free, because the federal government mandates it (through the Fair Credit Reporting Act). See our blog entry about yearly reports for more information on this.

But there are no laws that entitle you to free scores, so you'll have to pay for them in one way or another. You can purchase your credit scores directly through a website like MyFico.com, or by going through the three reporting bureaus. In this case, you can expect to pay somewhere in the neighborhood of $30. You can also get your credit scores online by signing up for one of the aforementioned monthly services.

Either way, you will have to pay for something in order to get access to your scores. I have yet to see a website that offered free credit scores online with no other purchase required.

How to Get Your Scores Online Safely

There are only three or four website we are comfortable recommending for this purpose. The Credit.com website is one of them. They have a variety of credit-related products you can purchase, and many of them include all three of your credit scores (from Equifax, Experian and TransUnion). You can find links to these websites on the tools page of this website.

In closing, let's talk briefly about why you need to get your credit scores online in the first place. When you apply for financing, whether it's a car loan or a mortgage loan, the lender or financing company will review several key aspects of your finances. Your credit score is one of those components, and it can make the difference between getting approved or denied for the loan.

On top of that, a good credit score can help you qualify for the best interest rates a lender has to offer, which makes your monthly payments more affordable.

I hope this article eliminates any confusion you had about free credit scores online, and I wish you all the best in your financial future. If you have additional questions about this subject, check out the FAQ section of this blog.