Whats my credit scoreYou see them all the time yet you probably think they are a scam. Do the sites, and even tv commercials that claim to offer you the ability to check your credit score for free really mean it. Are they just a scam or some kind of marketing ploy to get you to buy something later.
The answer is a little of both. So first off let me talk about the free score part. Can you get your score for free? Yes, well sort of. In fact because of government regulation of the credit industry and in particular the Fair Credit Reporting Act. Credit Reporting agencies are required to give you a free copy of your report at a minimum of once every twelve months. Here is the thing, you have to ask for it and notice above I said sort of. What they are required to give you is actually a report.
Whats the difference between a credit report and credit score
Well, the report is actually the information gathered over time about your credit history. It really doesn't have a number associated with it. The number you get or letter grade sometimes is what people refer to as their score. Your score is basically a number that is given that represents an easy to read view of your credit report.
Why the score matters