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why does it cost money to get your credit score

You actually have Credit scores are calculated based on the information in your credit reports. If the information about you in the credit reports of the three large
is different, your credit score from each of the companies will be different. Lenders also use slightly different credit scores for different types of loans. There are four main ways to get a credit score: Check your credit card or other loan statement. Many major credit card companies and some auto loan companies have begun to provide credit scores for all their customers on a monthly basis. The score is usually listed on your monthly statement, or can be found by logging in to your account online. Talk to a non-profit counselor. Non-profit and HUD-approved can often provide you with a free credit report and score and help you review them.

Use a credit score service. Many services and websites advertise a Бfree credit score. Б Some sites may be funded through advertising and not charge a fee. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your БfreeБ score. These services are often advertised as БfreeБ trials, but if you donБt cancel within the specified period (often as short as one week), you could be on the hook for a monthly fee. Before you sign up to try one of these services, be sure you know what you are signing up for and how much it really costs. Buy a score. You can buy a score directly from the credit reporting companies. You can buy your at. Other services may also offer scores for purchase.

If you decide to purchase a credit score, you are not required to purchase credit protection, identity theft monitoring, or other services that may be offered at the same time. Some credit score sources provide an "educational" credit score, instead of a score that a lender would use. The CFPB published a. For most people, an educational score will be close to the scores lenders use and can be helpful for consumers. But the scores can be quite different for some. Our report found a meaningful difference for one out of four people. When choosing where to get your credit score, find out what kind of score it is. Always get and review yourб , which you can do at no cost to you atб. Your credit scores are calculated based on the information in your credit reports.

If there areб , they can reduce your scores unnecessarily. б If you areб , knowing one of your credit scores can help youб. The score used by the majority of lenders is the, marketed by the Fair Isaac Corp. It provides a three-digit number that reflects your borrowing and repayment activity on , , , auto loans and other forms of debt. You can buy your FICO score through the website, , but you probably don't need to. Instead, check with your bank, credit card company, or financial services company. Many now offer free FICO scores to their customers. the credit card company, offers free FICO scores even if you arenБt a customer. Keep in mind that not all FICO scores are alike. The score you get from your credit-card company may be somewhat different than the FICO score you get from, say, your auto lender.

Fair Isaac has dozens of different algorithms to create FICO scores, based on factors that its clientsБthe lendersБdetermine are most important. If youБre after such a specific score, you may have to pay for it if you arenБt already a customer of the financial institution, notes Chi Chi Wu, staff attorney for the not-for-profit based in Boston. Armed with such a score, you could have a better idea of how an auto lender would judge you, for example, which could help you negotiate a better rate on a loan. Few people, though, need such specificity. According to Wu, a consumer with a good score from one scoring algorithm will likely have a good score from a different algorithm as well.

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