Get Your Free Credit Scores (and Reports) Here!

Good credit is important because it is what lenders and other creditors consider to determine your creditworthiness. For this reason alone it’s a good idea to keep track of your credit score and annually monitor your credit report.

Doing so will help prevent falling into the bad credit trap. And you’ll also spot mistakes (they do happen!) in your credit history that will harm your standing. 

Continue reading to learn the difference between credit scores and credit reports and discover where you can access both, for free!

Credit Score vs Credit Report

Your credit score depicts your creditworthiness. It is a number between 300-850, and the higher your number, the better your score. Generally speaking, a score above 670 is considered good. If you earn a score of 800 or higher, you have exceptional credit.

Credit scores are based on your credit history, including your level of debt repayment history. Paying off debt quickly and on time elevates your credit; missing payments and late payments drag your credit score down.

One of the most reputable sources for your credit score is FICO, created by Fair Isaac Corporation. FICO works with 200-plus institutions and thus is the most common credit score. 

The best way to access your FICO credit score for free is through Discover Credit Scorecard. This program is free irrespective of whether you are a Discover customer or not. It is updated every 30 days, and you are never penalized for checking your score. It also provides information on why your score is what it is and how you can improve it if improvement is needed. 

Other FICO credit score sources are:

  • AmEx credit cards: This service is free to cardholders and provides 12 months of FICO history.

  • Citibank credit cards: FICO credit scores are available for select Citicards and are updated monthly.

  • Bank of America: Cardholders can access their credit scores for free and see a month-to-month performance report. Another nice added feature is cardholders can compare themselves to national averages. 

  • Credit Union: Whether the service is free depends on each institution, so make sure to ask.

Your credit report is a detailed analysis of your credit history that is prepared by a credit bureau. The report includes your employment history, the number of bank and credit accounts you have, as well as type of account. The standing of these accounts is important. When they were opened, their credit limits, and their balance are also factored into the credit report. 

You are allowed to one free copy of your credit report every 12 months from EACH of the three national credit reporting companies:

  • Equifax

  • Experian

  • TransUnion

The only authorized website for generating free credit reports is annualcreditreport.com. Or you can call the Free Trade Commission (FTC) at 1-877-322-8228. Keep in mind that these are reports, not scores. 

 

Are you on solid credit ground? Is buying or refinancing a home in your near future? Contact Aksarben Mortgage to take the next step – finding a mortgage perfectly matched to your finances. Our mortgage professionals can break down the home-buying process into simple, manageable steps and advise you on your best loan options from the many, many available. Call today!  

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.