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Saturday, 1 June 2013

How to get a free credit score online

Posted on 08:51 by Unknown
Your credit score is a three-digit number generated by a mathematical algorithm using information in your credit report. A credit report is a document that gives the personal information like name, current address, social security number, date of birth, marital status etc. It also gives information about credit card accounts, current balance, previous credit card account etc. Equifax, TransUnion and Experian are the major institutions that prepares these reports.
Based on assessment of credit report of a borrower credit bureaus assigns a credit score. A credit score is designed to predict risk, specifically, the likelihood that you will become seriously delinquent on your credit obligations in the 24 months after scoring. 
The Fair Credit Reporting Act gave consumers access to free annual credit reports from the three major credit reporting agencies through a centralized source, AnnualCreditReport.com, in 2003. A free credit score has never been a right.
Numerous sites promise "free" scores, but in reality they sign people up for a fee-based credit monitoring product. The score costs nothing only if the consumer cancels the order before the end of the trial period.
Many sites will give you a free credit score or score estimate, such as the FICO Score Estimator at Bankrate.com. Score estimators, which provide a score range, may rely on answers to questions about your credit situation or come from credit report information, while actual scores are computed from credit report data.
None of the free scores and estimates available deliver actual FICO scores, the most commonly used score by lenders. The free scores and estimates do, however, give you an idea of where your credit rating stands.
"At the end of the day, an 'excellent' on one model is 97 percent of the time going to be an 'excellent' on another model," says Ken Lin, CEO of San Francisco-based Credit Karma.

Here are some sites that offer free credit scores or estimates online:

FreeScoresUSA 

Profinity - Free Credit Score





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