FICO scores is a measure of creditworthiness of a person. The three foremost credit bureaus in the United States – Experian, TransUnion, and Equifax – maintain credit files of all those Americans who have ever sought credit. Their credit scores are based on the FICO scores (pronounced to rhyme with Eye-Co). This means that you, in fact, have three different FICO scores. These scores come in handy when you are trying to apply for a loan for a car or a house, for a credit card, or any other type of credit. It allows the bank or the private loan provider to decide whether to allow or refuse you credit.
Based on the FICO score you have, your credit supplier, whether a bank or a private lender, will offer you credit terms. The higher your score the better terms you get, such as low down payment and a low rate of interest. A low FICO score would not be to your advantage if you are seeking loans or credit. How To Go About It As most of us do most of our transactions through credit facilities FICO scores have become a very important part of our lives. You need to keep track of your scores to avail of the best opportunities for credit. You can get your scores by signing up with any of the three credit bureaus or directly from Fair Isaac Corporation. You have to pay a fee to get your credit scores.
You can sign up for a 30-day trial with MyFICO ScoreWatch from Fair Isaac Corporation. You get to receive an Equifax credit scoreand a credit report along with a right to use a monitoring program for your credit. All this will cost you an annual fee of $89.95 unless you cancel before the 30-day period runs out. In this case you get your report and score for free!
For Advanced benefits, you can get Equifax Credit Watch Gold 3-in-1. This costs only $12.95 a month. It has many benefits.
- Comprehensive credit file monitoring and automated alerts of key changes to your Equifax, Experian, and TransUnion credit reports
- Wireless alerts and customizable alerts available
- Free 3-in-1 Credit Report and unlimited access to your Equifax Credit Reportâ„¢
- Up to $1,000,000 identity theft insurance†with no deductible (certain limitations and exclusions apply)
- Knowledgeable Customer Care 24 hours a day, 7 days a week
Alternately you can sign up for Equifax Credit Report with FICO Score. This Include your 3-in-1 Credit Report – $39.95. Or Score Power® – $15.95. Benefits Include:
- Instant online access to your FICO® credit score and Equifax Credit Report™
- An explanation of what your score means, comparison with national averages, and a graph of how lenders view you
- Interactive Score Simulator to show you how your actions may change your score
- Specific tips for understanding your score
- A confirmation number needed to use Equifax’s free online dispute feature and fix errors quickly and simply
- Access to our friendly and knowledgeable Customer Care 7 days a week
There are quite a few other sites from where you can get your credit score or a credit report. However, on request, the three credit bureaus are obliged to give you your credit report once every year, free of cost. Remember, your FICO score is not constant and will change with any change in your credit data. Certain private lenders may not only depend on your FICO score and may have their own methods of checking your credit. It is always healthy to ensure your FICO score is high.
Keep an eye on your credit report more than on just your score. Review your report on a regular basis to ensure there are no errors. It pays to have an accurate report.