How To Check Your Credit Score Online

Knowing how to check your credit score online is important as most creditors use your credit score to determine your creditworthiness. Having a good credit score can mean greater access to wealth-building opportunities like qualifying for loans at a favorable interest rate and also better life insurance rates.

Besides, monitoring your credit score can help you stay on top of any red flags that may appear on your credit report like identity theft, fraud, etc. Read on to learn how to check your credit score online.

Types of Credit Scoring Models

Before you check your credit score online, you’ll need to know that your credit score may be different depending on how and where you access it. Thus, let’s explore how your score is calculated first.

1. Credit bureaus (Experian, Equifax, and Transunion) generate credit reports based on what lenders report to them.
2. Credit bureaus then use information from credit report and plug it into scoring model to calculate your credit score.
3. There are many types of credit scoring models, but the two main ones are FICO Score and VantageScore
4. The credit report and credit score that was calculated by the credit bureaus will be given to lenders when you apply for credit.
   • Some big lenders have their own scoring models as well.

FICO Score is the most popular score and is used by 90% of lending decisions. The score ranges from 300 to 850, with the higher score being more attractive to lenders. There are also many versions of FICO Scores that are used for different industries and reasons.

VantageScore is another scoring model developed by the three credit bureaus – Equifax, Experian, and Transunion as an alternative to FICO Score. The score ranges from 300 to 850 as well.

In general, scores above 670 are considered good, and scores above 800 are excellent. Learn more about what is a credit score here.

Why Are My Credit Scores Different?

When you check your credit score online across various platforms, you may receive a different number (which is 100% normal). Below are the reasons why you have varying credit scores when you check it online:

1. Different scoring models: The two main scoring models are FICO and VantageScore. There are also other scoring models that are not as popular but may still be used by some lenders.
2. Different loans use different scoring versions: For example, a mortgage lender may use a different scoring model than an auto-lender.
3. Different times: The credit bureaus calculate your scores at different times, which means that one of the credit bureaus may not have used the updated information when you access your score.
4. Not all lenders report to all three bureaus: This means the three credit bureaus may not have the same data when calculating your score.
5. Errors reported to different bureaus: Some errors may appear on one credit bureau’s report and not the other which will affect your credit score. Be sure to review all three credit reports from the three credit bureau annually to ensure that there are no errors.

Although your credit scores may be different, they should not vary too much as the score is calculated from the same credit reports generated by the three credit bureau. Any big discrepancies should raise a red flag and you should check each of your credit reports at www.annualcreditreport.com.

How To Check Your Credit Score Online For Free

You can check your credit score online through the three credit bureaus’ websites, your credit card issuers, or signing up for a credit monitoring service.

1. Credit Bureaus

The first way that you can check your credit score online for free is by going to each credit bureau’s website, create an account, and access your free credit score.

Here are the application links to check your credit score online:

• Equifax
• Experian
• Transunion

Experian and Transunion have their own apps as well so that you can access your score from your mobile device anytime.

Do note that the credit report you get from www.annualcreditreport.com will not show your credit score.

2. Credit Card And Issuers

Most banks and credit card companies will show you your FICO Score or VantageScore for free on their website or app. Some may require you to be an account holder so check with your bank or credit card issuer.

See the table below for an overview of what each credit card company offers.

Largest Credit Card Issuers That Offer Credit Scores

3. Credit Monitoring Apps And Services

Another way to check your credit score online is by using credit monitoring apps and/or services. Here are some features of credit monitoring services that can benefit you:

• Shows your credit score.
• Monitors your credit report and alerts you to any changes.
• Gives you insight on how to improve your credit score.
• Paid versions often include identity theft and fraud monitoring.

Here is a quick comparison of the best credit monitoring services:

Credit Monitoring Services Comparison

Some of the credit card issuers’ tools like CreditWise and Chase Credit Journey also offer basic credit report and identity monitoring tools for free.

Personally, the free credit monitoring tools should suffice unless you really want the extra safety and precaution for a good night’s sleep. Be sure to also make sure that you are reading the fine print before entering any credit card information to avoid getting charged when

Summary

Your credit score is an important number that you should have a good gauge on. While it may be different depending on how and when you access it, make sure you track it from time to time to ensure that there are no major discrepancies. Once you know your credit score, you can then learn the ways to improve your credit score to solidify your financial foundation.