How Do I Check My Credit Score?

Published on September 21st, 2016

A good credit scores is one of the most important factors when you apply for a mortgage. Your credit score makes a world of a difference on the interest rate (APR) you are eligible for. vLoan will help you fully understand what a credit score is and where you can go to find yours. Think you are ready to begin the home buying process? Start by getting your free rate quote!

What is a credit score?

A credit score is a three-digit number generated by a mathematical algorithm from the information in your credit report. It is designed to predict the risk and the likelihood that you will neglect your credit obligations in the next 24 months. There are different credit-scoring models, but the most common is the FICO® credit score. FICO scores range from 300-850, where a higher number indicates lower risk. Each consumer has three scores, one from each credit report provided by the three main credit bureaus: Equifax, Experian and TransUnion.

How do I access my credit score?

Federal law states the consumer has a right to a free credit report annually from each reporting agency but not to a free credit score. There are four main ways to access your credit score:

Check your credit card or loan statement

Most large credit card companies and some auto loan companies have begun to provide credit scores for all of their customers on a monthly basis. Scores can be found on the monthly statement or by logging into your account online.

Talk to a non-profit counselor

Non-profit credit counselors and HUD-approved counselors can often provide free credit reports and scores and review them with you.

Use a credit score service

A number of websites advertise a “free credit score.” Some of the sites may be funded through advertising and will not charge a fee, but others may require you to sign up for a credit monitoring service and a monthly subscription fee before receiving this “free” score. But be careful, you could be paying for a monthly fee after the free trial is over, so make sure you know what you are signing up for.

Buy your score

You can buy your score directly from the credit reporting companies. Your FICO credit score can be bought at myfico.com. If you decide to purchase a credit score, you do not have to purchase credit protection, identity theft monitoring or any other services they may offer at that time.

Now that you know what a credit score is and how you can access yours, the first step in the right direction is filling out your free rate quote and speaking with one of our dedicated mortgage advisors.

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