Free Online FICO Score

To obtain a free online FICO score, individuals will need to visit one of the three credit reporting agencies and determine if this product is available. In some situations, it is possible to obtain a free score report if the you sign up for a credit reporting services.

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Although federal law requires that individuals have the ability to obtain a free copy of their credit report one time per year from each of the three credit reporting agencies, this report will not contain the individual's FICO score. There is no law that requires the agency to provide the FICO score for free to the consumer. Nevertheless, there are ways of obtaining a free FICO score.

FICO scores are the numerical symbol for an individual's credit history. A credit history is a detailed listing of an individual's credit. A complex algorithm not available to the public generates the score. Each of the credit reporting agencies calculate the score based on what is contained within the credit report. The more positive the information is, the better the credit score will be.

The credit score is then purchased from merchants who request the information after a consumer expressly requests business with that merchant. For example, if an individual fills out an application for a credit card, the credit card company obtains the credit score to determine if the lender should approve or deny the application for a line of credit. To obtain this score, the merchant must pay the credit reporting agency.

If a business has to pay for a credit score, this also means that under general circumstances an individual must pay for them as well. Yet, there are often opportunities to save money and even get a credit score without cost.

Most of the time, the credit reporting agencies will provide individuals with an opportunity to earn a free online FICO score by signing up for a credit monitoring service. A credit monitoring service is a monthly service that monitors credit activity on the credit file of the consumer. Whenever there is a large change in their credit lines or a substantial change in their credit score, the reporting service alerts the consumer. As an incentive of signing up for this service, many will receive a free FICO score.

There are key benefits to using a credit monitoring service:

• Individuals are kept aware of the changes on their credit reports on a regular basis. They know what is happening within a few days of the change reported.

• Fluctuations in credit scores can have monitoring and tracking to help the individual to make better financial decisions.

• Each month, some credit monitoring services provide a free credit report to the consumer as part of the package. This can be helpful for those who wish to remain up to date on their credit score on a continuous basis.

• Most credit monitoring services are affordable, but they do charge a monthly fee.

To obtain more information on the credit reporting agency's programs, visit their websites.

• MyFICO.com: Consumers may receive instant online access to their credit information by visiting MyFICO.com. The FICO Standard monitoring system allows individuals to obtain their credit score and reports from both TransUnion and Equifax for a monthly fee.

• Equifax: Equifax offers Score Watch, a credit-monitoring program providing alerts for score changes. Individuals also receive a detailed explanation of their score, for a monthly fee.

• TrueCredit: TrueCredit is a program offered specifically through TransUnion but it allows individuals to obtain a credit report and score each month from the three credit reporting agencies, for a fee.

• Experian: The third national credit reporting agency, Experian offers a free credit score and report to those that sign up for TripleAdvantage, a program offering continuous credit monitoring and score alerts for a set monthly fee.

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