Free FICO Score

What in the World is FICO?

The important number with the funny name, FICO is named after the Fair Isaac Corporation, which developed the first mathematic formula for calculating a consumer’s creditworthiness. The number takes in consideration your credit history, current debt, payment history, account diversity, and your recent activity. That information is then calculated and each consumer is given a number between 620 and 850. This number is used by credit lenders and other financial institutions to help them determine whether to offer someone a loan and what type of interest rate to give them.

Checking Your Score

In addition to checking your credit report before you apply for a new account like a mortgage or car loan, you should also take a look at your FICO. If you have good credit but a low FICO score, you will need to dig deeper in your credit reports to make sure there isn’t any incorrect information. Since it can take a few months to correct your report and score, checking these early in your loan process can save you embarrassment later when a loan officer reviews your credit.

But unlike a free annual credit report which is guaranteed to each consumer three times a year, most of us will have to pay for a FICO or work an agency that can provide a free FICO score.

Can You Get a Free FICO Score?

When you start searching for a way to review your FICO, you will probably come across a lot of businesses offering you a free score. Typically, these “free” scores require you to sign up for particular service, usually a credit monitoring report that will alert you to any suspicious activity or changes in your credit report. These services may provide you with worthwhile information and can warn you of potential credit card fraud right away, but they also come with a monthly fee of around $15.

Most of these companies let you preview their service free for one month, but you will have to give them your credit card number upfront before they allow you to view your FICO. In theory, you can sign up with their company, view your FICO, and cancel your service before getting billed, therefore earning yourself a free FICO score.

However, it’s not as easy to cancel your account as it was to sign up for it. Most companies don’t allow you to cancel your account online. Instead, they require you to use their customer service phone number, which can be difficult to do. Some consumers describe having difficulty reaching someone and are stuck on-hold for long periods.

Before you sign up for a free trial, research the company by putting their phone number into a search engine. You may find complaints from other consumers who were unable to cancel their account before being charged at least one monthly fee. Steer clear of any company that seems to use unscrupulous tactics for getting clients.

Paying for Your Score

Regardless of dishonest companies, it is still a good idea to check your FICO score. Your best bet is to visit the official FICO website and pay for it. The easiest and cheapest way to get your score is by using the FICO Standard product, which gives you access to your FICO score and a credit report for one payment of $14.95. FICO Standard also gives you suggestions on how you can improve your score.

If you want more detailed information or ongoing monitoring, you can buy other products like Score Watch, which watches your FICO score and credit reports for a year, for $79.95.

Conclusion

Although it may be possible to get a free FICO score, you can buy one relatively cheap without having to cancel a monthly membership for a service you may not want. Researching the company you do business with first is key to getting the score report you need.