Nowadays, it is becoming more and more important to apply for credit in order to protect our financial health. People who face financial difficulties due to changing conditions apply for loans. The most important factor to get credit is your credit score. The most misunderstood situation in this regard; credit score and credit report. When people get a credit report, they think they can learn the credit score. However, credit reports generally do not include credit score.
What are the methods you can use to get your credit score?
When talking about to credit score, it is your legal right to obtain your credit reports free of charge from the 3 credit reference agencies (Equifax, Experian and TransUnion) that come to mind first. However, to find out your credit score, you must subscribe to these agencies and pay a certain amount per month. Apart from these credit reference agencies, there are other alternative ways to learn your credit score. These methods include;
- Some credit card providers list your credit score on credit card statements. For this reason, you can learn your credit score free of charge by checking your monthly credit statements.
- Credit Carma, Credit Sesame and Qizzle services, you can learn your credit note free of charge.
- You can learn your credit score by paying a certain amount on myFICO.com.
- You can learn your credit score through some companies that provide services outside 3 credit reporting institutions. Some of these companies offer the opportunity to learn your credit score for free.
- You can learn your credit score free of charge through some banks. However, in order to obtain your credit score from banks, you must comply with certain conditions.
You can access your credit score using any of these methods. But, the most important thing you should know about credit score; that each credit institution works with a different system and calculates different credit score through these systems.
What are the things you should be aware of when getting your credit score?
Your credit score will change according to the content of the information that the company from whom you learn the credit score has obtained about you. This is not the only factor affecting your credit score. Another factor affecting your credit score is that credit reporting companies use their own scoring systems.
Another issue you should know about credit score is; is the different types of credit points. Today, the type of credit score that creditors take most into account is the FICO score. The credit score based on the FICO scoring system is valid almost everywhere. There are also different types of credit score that show similar characteristics to the FICO score, but are not as valid. Among these credit score types, VirtageScore is the most common one. When you learn your credit score, you should pay attention to which type of credit score it is. This is because the types of credit score that are specifically learned for free are usually calculated using the VirtageScore method. You should keep in mind that lenders will take into especially account the FICO score, among your credit score.