How to Check Your Credit Score for Free, in 2 Minutes

11:30 PM

Posted by: John S Kiernan

How To Check Your Credit Score

You can check your credit score for free in less than two minutes on WalletHub, the only site with free daily updates. Just quickly confirm your identity, and you’ll get access to your latest VantageScore 3.0 credit score, based on your TransUnion credit report.

Get My Credit Score - 100% Free

From free credit score websites like WalletHub to credit card companies that offer free monthly credit scores to their customers or the general public, there are plenty of places to do a credit check these days.

So the problem is not how to check your credit score. That’s the simple part. You can check your score for free at any time, on any device – including your smart phone and tablet. Where you should get it and whether you’re seeing the latest information are a lot less clear. Some free credit scores are updated far more frequently than others. The services you get along with free scores vary, too.

Here’s Where You Can Check Your Credit Score:
Credit Score Provider Cost Scores Updated… Free Credit Report? 24/7 Credit Monitoring WalletHub User Rating
WalletHub Free Daily Yes Yes 5 Stars
Credit Sesame Free Monthly No Yes 4.5 Stars
Capital One Free Monthly No Yes 4.0 Stars
Credit Karma Free Weekly Yes Yes 4.5 Stars
Discover Free Monthly No No 4.0 Stars
Mint Free Every 3 Months No Yes 4.5 Stars
Experian $21.95/mo. Monthly Yes Yes 4.0 Stars
Equifax $19.95/mo. Monthly Yes Yes 4.5 Stars
MyFICO.com $19.95/mo. Monthly Yes Yes 4.5 Stars
AARP $12.99/mo. Monthly Yes Yes No Rating

Note: Some providers with paid services offer free trials. For simplicity, we did not list that information in the table above.

For more information about where you can get your credit score, check out our complete list of the best credit-score sites.

Why You Should Check Your Credit Score

It’s always good to brush up on the benefits of checking your credit score. And in short, checking your credit is important because it:

  • Gives you a good sense of your financial fitness, providing a numerical grade for the contents of your credit reports;
  • Helps you get the best possible credit card and loan terms, and reduces the likelihood of rejection;
  • Makes comparing financial products easier, as most offers list a minimum level of credit (e.g., Excellent, Good, Bad) needed to qualify; and
  • Tells you how closely you need to review your credit reports. A score that is much lower than you’d expect is an obvious red flag, perhaps indicating potential fraud.

Finally, it’s important to remember that virtually everyone has room for credit-score improvement. And a better credit score could be worth thousands of dollars per year. Plus, tending to your score doesn’t have to cost you a dime or much time. So check out our handy credit-improvement tips to get started. And if you’d like advice tailored to your specific situation, sign up for a free WalletHub account to get your personalized credit analysis. That’s just another reason why you should check your credit score on WalletHub.

Which Credit Score Should You Check?

Most people don’t know it, but we each have many different credit scores — more than 1,000, according to some estimates. But the truth is it doesn’t really matter which one you check, as long as it’s free and from a reputable source.

There are a couple of important reasons for that:

  1. Similar Results: The Consumer Financial Protection Bureau found a 90% correlation among a selection of the most common credit-score models. So if you get credit scores from two different providers, the numbers are likely to be extremely close, if not identical.
  1. Hard to Get a Lender’s Exact Score: It’s often impossible to predict exactly what type of credit score a lender will use, especially since many lenders customize over-the-counter credit score models to suit their particular needs. And if you can’t get the specific type of score your lender of choice is going to use to evaluate your application, there’s really no reason to be picky.

You can learn more about all of this from our article on why there is no “real” credit score. For what it’s worth, WalletHub’s free credit scores are based on the VantageScore 3.0 model. VantageScore 3.0 is one of the most popular types of credit scores among lenders. And it is considered by some to be the most predictive credit score available.

Ask the Experts: Credit-Checking Tips

Checking your credit score is easier than ever. But people still don’t do it enough. Why? We posed the following questions to a panel of personal finance experts to find out as well as to get tips for saving money while staying on top of your score. You can see what they said below.

  • How much easier is it for people to check their credit scores now than it was 5-10 years ago?
  • Is there ever a reason to pay to check your credit score?
  • Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports?
  • What is the biggest mistake that people make in regards to checking their credit scores?
< > Julie Kalkowski Executive Director of the Financial Hope Collaborative at Creighton University Julie Kalkowski How much easier is it for people to check their credit scores now than it was 5-10 years ago? Due to recent changes in regulations regarding the financial services industry, it is much easier to check your credit score than it was 10 years ago. Instead of wondering why you were turned down for a loan, you can now ask to see your credit score, and the lender is required to show it to you. Some banks and credit card companies also provide your credit score if you request it. Consumers can also go online to AnnualCreditReport.com to request a free copy of their credit report. This is the only site where you can get a free copy of your credit score once a year from Experian, Equifax, and TransUnion. Is there ever a reason to pay to check your credit score? If you have already pulled your free credit report for the year, there generally is no reason to pay to check your credit score. On rare occasions, you might want to pay for your credit score if you are applying for a job and a low credit score would knock you out of the running. And yes, you are right if you say employers are not supposed to be able to pull your credit score for the purpose of eliminating you as a candidate. However, this still happens in my neck of woods (the Midwest). So, if you think your credit score could hurt your job prospects, this might be the one reason you would pay for your credit score. Otherwise, you should be able to work your way around it by using free credit scores options, instead of dishing out your hard-earned money. Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports? Checking your credit score daily is a lot like weighing yourself every day. You are setting yourself up for disappointment. While it is important to track both your weight and credit score, every other week is much better than daily. You need to remember that credit scores do not go up overnight once a debt is paid in full. It takes a month or two to update your report, so constantly checking your score adds to your anxiety and you probably already have enough other things to worry about. However, if your credit report does not reflect payments made in full after 60 days, you need to take action. Send a copy of your debt settlement letter from your creditor to the credit bureaus, so they can remove this debt from your credit report. What is the biggest mistake that people make in regards to checking their credit scores? The biggest mistake people make in regards to their credit score is not checking their credit score at all. Avoiding your credit report is not going to make it go away. In fact, it can hurt you and keep you stuck. You need to know what is on your credit report so you can begin to fix it. In many communities, where you live and where you work depends on your credit score. The higher your credit score, the better your job opportunities and housing prospects are. You also need to check your credit score to make sure no one has stolen your identity. Cynthia L. Krom Assistant Professor of Accounting and Organizations at Franklin & Marshall College Cynthia L. Krom How much easier is it for people to check their credit scores now than it was 5-10 years ago? It is far easier now for people to check their credit scores and keep on top of their credit ratings. As little as 5 years ago, the average person couldn't easily access their credit reports without paying each of the three main bureaus, and/or applying for a loan and being turned down. It was all a big secret. Now, the average consumer has pretty easy access, which is a good thing. Is there ever a reason to pay to check your credit score? There are so many ways to obtain the score without paying, that I can hardly imagine a situation where it would benefit someone to pay. Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports? Generally speaking, your credit score isn't so volatile that you need to be on top of it daily. That said, there is no reason why a daily check would be a problem, unless you become obsessive about it. I think either of these is a viable option. What is the biggest mistake that people make in regards to checking their credit scores? I believe one of the biggest problem is that people don't understand they can challenge the records at the bureaus. If you find incorrect information, or if you have a good explanation for a problem with your credit, you have the right to have that information included in the file. But, the biggest problem is, most likely, that many people never even check their credit scores until there is some kind of problem. Phil A. Uhlmann Senior Lecturer of Finance at Bentley University Phil A. Uhlmann How much easier is it for people to check their credit scores now than it was 5-10 years ago? Completely new game with technology, much easier to find out what is going on with your credit score -- excellent for consumer. Of course, it assumes the data is correct and protected, but at least you have a chance to follow your score more closely. Is there ever a reason to pay to check your credit score? Yes. If you are about to make a major purchase, such as a house or car, you need to know exactly what your score is. If there is something untoward on your record, it could affect the interest rate you pay on the loan. For longer term loans, that pricing makes a difference. Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports? Weekly updates from two bureaus is more than fine, not that much changes in one week. What is the biggest mistake that people make in regards to checking their credit scores? First, they don’t check it as often as they should. Second, they need to study what drives the scores -- for example, too many credit cards and accounts that, in reality, are not being used. Literally, a case of what’s in your wallet. Last, if there is negative information -- fix it. Clean up your debts, minimize the monthly debt service and, when necessary, cut your spending. Likewise, keep your income data up to date. Study the bureau algorithms to make sure you know what drives your scores. Peggy Olive Financial Capability Specialist in the School of Human Ecology at the University of Wisconsin – Madison Peggy Olive How much easier is it for people to check their credit scores now than it was 5-10 years ago? It’s been fairly easy to purchase your credit score from the big three credit bureaus for the past decade. The increase in access is due to the fact that many more websites and businesses now offer “educational credit scores” than ever before. Is there ever a reason to pay to check your credit score? In the big picture, no -- you can get all the information you need to review and improve your creditworthiness by ordering your free annual credit reports. Purchasing your credit score is also an individual and emotional decision. If a person feels they would sleep better at night knowing their score and they have the money in their pocket, then they are free to purchase their credit score. Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports? Both of these options seem like overkill. Creditors typically report to the bureaus once a month -- sometimes less often. If a person truly wants to monitor their credit score on a regular basis, consider once a month. What is the biggest mistake that people make in regards to checking their credit scores? Over-focusing on the score which is typically obtained as a free “educational credit score.” The score being seen by a consumer may be very different than the scoring model being used by a real-life creditor. Keep the focus on the credit report where it belongs, and put energy into repairing, improving, or maintaining a positive credit history. Paul F. Goebel Director of the Student Money Management Center at the University of North Texas Paul F. Goebel How much easier is it for people to check their credit scores now than it was 5-10 years ago? It is definitely far easier for people to check their credit scores now than it was 5-10 years ago. In fact, many financial institutions and credit card companies provide their customers with the information at no charge. There are several online sites that also offer this at no cost. Is there ever a reason to pay to check your credit score? Ideally, no. However, the Fair Credit Reporting Act does allow companies to charge you to see your score, so in some cases you might not have a choice. Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports? It depends. Staying informed is the ideal. Each person needs to decide on the best way to stay informed, whether by a daily credit score update on one bureau’s report or weekly updates based on two bureaus’ reports works for them. I personally keep myself informed by staggering and reviewing a credit report from one bureau every four months. I also respond without delay whenever I am notified of a possible unauthorized access has occurred involving my personal information. The best rule of thumb is to stay informed and do not procrastinate whenever you are notified of any unauthorized incident. What is the biggest mistake that people make in regards to checking their credit scores? From our experiences with college students, the most common mistake we see young people making in regard to their credit scores is assuming that their personal information, as maintained by the credit bureaus, is invincible from being hacked. The recent Equifax data breach is a perfect case study of why we need better data breach laws, and an ever-evolving security technology employed by all sites where personal information is stored. Jack Popovich Associate Professor of Finance and Program Coordinator for Finance and Real Estate at Columbus State Community College Jack Popovich How much easier is it for people to check their credit scores now than it was 5-10 years ago? There are services that offer them. Banks are also offering to give them to you as part of their service competitively. Is there ever a reason to pay to check your credit score? Sometimes, the free score services are different than official FICO scores. This is due to their usage of different models to calculate the score. What is the biggest mistake that people make in regards to checking their credit scores? Not doing it often enough or not understanding that scores can differ. Richard D. Pomp Alva P. Loiselle Professor of Law at the University of Connecticut School of Law Richard D. Pomp

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

It is wonderful to see how much easier it is today. People are more aware of the need to check their credit scores and the market has responded.

Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports?

For most persons, weekly is often enough, whether from one bureau or more than one.

What is the biggest mistake that people make in regards to checking their credit scores?

Not spending the time and energy in correcting false data.

Stuart Michelson Roland & Sarah George Professor of Finance and Chair of the Department of Finance in the School of Business at Stetson University Stuart Michelson

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

One hundred percent easier. With the advent of free credit reports and many more online resources, everyone should check their credit report regularly.

Is there ever a reason to pay to check your credit score?

I would never pay for a credit report. There are many free credit report resources available. Also, never provide your credit card information to receive a free credit report. You may end up with an unwanted subscription to a credit service.

Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports?

I think receiving a daily credit score would drive someone batty. Too much information, too frequently. In fact, one’s credit score does not change that frequently. Thus, receiving a daily credit score may cause one to ignore the information received that often. Monthly credit scores are often enough to stay on top of one’s credit. Specifically to your question, I would rather receive two credit reports less frequently (weekly or monthly).

What is the biggest mistake that people make in regards to checking their credit scores?

Checking too frequently, worrying about small changes in their credit scores, paying to receive their credit score or report, and especially, not checking their credit score and report.

David C. Vitt Assistant Professor in the Department of Economics at Farmingdale State College David C. Vitt

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

Let’s be clear: a credit report and a credit score are not the same thing. Your credit report is essentially a record of facts surrounding the circumstances of your finances as they pertain to credit and debt. A credit score just distills this record into a single number. First, let’s consider how easy it was to get a credit report, and then let’s consider how easy it was to get a credit score. Prior to 2005, the process of receiving a credit report was neither straightforward nor fast. If you wanted to check your credit in these days, you would either need to mail a request for your report to one or more of the credit agencies or hope that you could reach them by telephone.

Then, if one were lucky to either make the request via phone, or if one had enough stamps to send the request letter, the waiting game begins. Emotionally, waiting for the mailman to deliver a credit report is similar to waiting for the doctor to call with your test results: anxiety-inducing to say the least. So, you wait a few weeks for your request to be processed, and then wait some more for the mailman to bring you a possibly stomach-turning letter.

In 2005, as a result of the Fair and Accurate Credit Transactions Act, the agencies began to roll out free online access to your Equifax, Experian, and TransUnion reports once per year. Three free reports for a year. No, that doesn’t mean you can check each bureau’s reports every year, it means you can check each of the three bureau’s reports once per year. Oh, the generosity of free access once per year! With this free report in hand, you had a third-party record of your (alleged) credit and debt circumstances.

Here’s the kicker: these reports don’t list your credit score. Maybe you could just use the formula to condense all that credit report information into your credit score? You know, the formula.

The bad news is, the formula to recover your VantageScore, FICO credit score, or similar from your credit report information is a secret. In fact, there are thousands of formulas, because thousands of different types of credit scores exist for each consumer. But the credit reporting bureaus, as an expensive cherry atop the free annual report sundae, will sell you a Non-FICO credit score for somewhere in the range of $8. Generous.

Redemption: by comparison, getting a credit score today is a cake-walk. Direct your browser to your favorite free credit monitoring site, (WalletHub, of course!), and enjoy rapid access to your score. What are you going to do with all the free time leftover?

Is there ever a reason to pay to check your credit score?

The credit scores you can observe on WalletHub have such a strong correlation with the most widely used credit scores like VantageScore or FICO that I don’t see a reason to pay for your actual score. The free scores give you sufficient information: either there is some sort of room to improve your credit so you can qualify for the most favorable terms, or you know that you are likely to be the elusive “well-qualified” buyer because your score is high and you bring this bargaining chip to the table.

Which benefits a consumer more: daily credit score updates based on one bureau’s credit reports or weekly updates based on two bureaus’ reports?

In consideration that most lenders and credit card companies aren’t reporting changes in accounts on a day-by-day basis, I would think weekly updates based on two bureaus’ reports to be more valuable to the consumer. I think it’s better to have an eye out for discrepancies in reports across the bureaus to minimize any variance in credit scores across the bureaus.

Consider an example: you need to finance your new car and have been getting daily updates through some site on a credit score based on your Experian credit report, which is consistently showing a good score (760+). That ought to make you a “well-qualified” buyer, and you walk into the financing office thinking you are qualified for their 0.9% financing deal as advertised (a very tasty rate). They pull some scores from various sources that calculate them based on both Experian and Equifax credit reports, and there’s a mistake on your Equifax report causing some scores to be low (5XX, seriously?).

They average these scores and decide you aren’t “well-qualified,” and subsequently withhold the 0.9% interest rate offer. You walk out in a huff. Now you have to take some time to fix the mistake on your Equifax report. This usually takes 4-6 weeks, and your credit takes a small hit from the fact there was a hard pull for an auto loan. Six weeks later, the problem is corrected, and you go back for the auto loan. Since so much time has elapsed since your first application, you get another small ding on your credit for applying again for the loan.

What is the biggest mistake that people make in regards to checking their credit scores?

I think one big mistake people make is overestimating the costs of acquiring information about their credit score and report. At the margin, the explicit costs of checking credit scores are now zero, and the implicit costs are minimal on account of the ease of checking the reports online. The benefits at the margin are large on account of how the consumer can use the information: they can better time decisions regarding major financial decisions, they can better strategize on how to improve their score, they can have the confidence to bargain over loan terms based on the information they acquire. Because the costs are so low, even the most conservative estimate of these benefits warrants checking credit scores regularly.

Casey Kennedy-Colson Accounting Lecturer in the Langdale College of Business at Valdosta State University Casey Kennedy-Colson

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

Consumers have been able to request one free credit report annually from each credit reporting agency (e.g., Experian, TransUnion, and Equifax) since late 2003. This is due to the passage of the Fair and Accurate Credit Transactions Act (FACTA), which is an amendment to the Fair Credit Reporting Act of 1970. The introduction of AnnualCreditReport.com (a joint venture between the previously mentioned credit reporting agencies and established in order to comply with FACTA), coupled with widespread availability of the Internet, has certainly made it easier for consumers to access their credit reports.

Is there ever a reason to pay to check your credit score?

Absolutely. While consumers have the right to request a free annual credit report, agencies are under no obligation to provide a free FICO score. Many credit card companies and banks (Chase and Bank of America are two examples) provide free credit score monitoring for certain customer accounts at no additional charge. Be sure not overlook any free score reporting offered by your bank or lenders. Consumers should check their credit score prior to seeking financing for large purchases, such as a home or vehicle, and as necessary, based on changes in financial status or unusual/exceptional items discovered in their credit report.

What is the biggest mistake that people make in regards to checking their credit scores?

Beware of "babysitting" your credit score. It is very easy to fall into the trap of constantly monitoring your score. Some consumers become easily agitated by small, natural changes in their score from month to month. Also, be discriminating with regards to websites when paying for a FICO score online. Always verify that the site is authentic and secure prior to entering any personal information.

Carly Urban Associate Professor of Economics at Montana State University Carly Urban

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

The availability of free credit scores has expanded in the last 5-10 years, as banks, credit unions, credit card companies, and a variety of lenders often show consumers their credit score. Anyone participating in the financial world would almost have to avoid seeing her credit score.

Is there ever a reason to pay to check your credit score?

Not on purpose.

What is the biggest mistake that people make in regards to checking their credit scores?

Even though credit scores are everywhere, there is still evidence that people do not check their scores or understand what goes into a credit score. A recent randomized control trial by Homonoff, OBrien, and Sussman found that showing student loan borrowers their FICO score improved their scores a year later (because they are more likely to open an account and have fewer accounts past due).

John Grable Athletic Association Endowed Professor of Family and Consumer Sciences in the College of Family and Consumer Sciences at the University of Georgia John Grable

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

It is not even comparable. A consumer's access to her or his credit report is much easier today than at any time in the past. Some of this is the result of mandates (when data is stolen), but it is also competition among credit issuers that is driving access up.

Is there ever a reason to pay to check your credit score?

Really, no. Under federal law anyone can access his or her credit score by visiting https://ift.tt/o2j1vQ.

I will say that this site is the best way to obtain a credit report/score. Sites that provide a "free" report always make me a bit nervous. Nothing is free. The price is usually valuable information that these firms sell to retailers and credit issuers. I tend to be very risk-averse, which is the reason I prefer AnnualCreditReport.com. If I were pressed to use a free service, I would lean toward using a service offered by my primary credit card issuer (although the credit card may charge a small fee).

Which benefits a consumer more: daily credit score updates based on one bureau's credit reports or weekly updates based on two bureaus' reports?

I wonder if too much information can be a bad thing. Maybe neither option is optimal. For example, my colleagues and I rarely recommend that investors monitor daily prices of stocks held in portfolios. Doing so creates financial stress and an itch to "do something." My guess is that the same thing is true with credit scores. Why not, instead, obtain a baseline measure using AnnualCreditReport.com and then begin implementing strategies to build assets and pay down debt. Then, check progress again using the site on a regular basis (a free report can be obtained from each of the three bureaus each year, so it is possible to get a baseline measure today, an update in 6 months, and a third update in 11 months). Now, if a borrower needs to increase a score to obtain better loan terms, then signing up for daily monitoring might make sense, but I think for the majority of folks, daily or weekly updates might be overkill.

What is the biggest mistake that people make in regards to checking their credit scores?

I am not sure it is a mistake, but I worry that sometimes people place too much emphasis on a score. The score is just a measure of how well someone has managed her or his credit. A score is not an indicator of being a good or bad person. For those who want to change their behavior, a score can be a good benchmark to guide behavioral change, but a score should never be used to belittle someone who is struggling financially.

Jerry Basford Associate Vice President for Student Affairs, Adjunct Instructor of Finance at The University of Utah Jerry Basford

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

Much easier to check their score. In years past consumers could get their credit report but would usually need to pay to get their credit score. Today there are many companies that offer free credit scores.

Is there ever a reason to pay to check your credit score?

In most cases, no. Most people can get free credit scores.

Which benefits a consumer more: daily credit score updates based on one bureau's credit reports or weekly updates based on two bureaus' reports?

It really depends on why the consumer needs the credit report. If a consumer knows who they are using for their financial request and they know which credit bureau that company uses, it is most important that they work on their credit report for that specific bureau. If they don't know who they will use or which bureau they use it's better to get reports from two or all bureaus.

What is the biggest mistake that people make in regards to checking their credit scores?

Closing accounts. If a consumer has had a credit card for a long time they might not want to close that card even though they have paid it off, as it has good credit information that will be lost when the account is closed.

Ville Rantala Assistant Professor of Finance, University of Miami Ville Rantala

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

Free credit score services and apps have made it a lot easier at least for the average person. I think that people are also generally more aware of what their credit score is compared to the situation ten years ago.

Is there ever a reason to pay to check your credit score?

For most people, the free credit scores should be sufficient. Mortgage lenders typically use a specific version of the FICO score, and some people may want to pay for the right score before applying for a mortgage.

Paying for credit monitoring that covers all the major credit bureaus can sometimes make sense if you think you may have become the victim of identity theft. That way you will be notified immediately if there are suspicious events in credit reports.

Which benefits a consumer more: daily credit score updates based on one bureau's credit reports or weekly updates based on two bureaus' reports?

The score update from a single bureau is sufficient for most people. Differences between bureaus are usually quite negligible. People with short credit histories (e.g. less than 24 months) are more likely to see significant differences depending on the source.

What is the biggest mistake that people make in regards to checking their credit scores?

You shouldn't focus only on your current score, but also think about how to change it. If you are unsatisfied with your current credit score, remember that you can influence it with your own credit and payment behavior. If you see declines in your credit score history, it's good to think about what may have caused them.

Brian T. Eddy MBA, CFA, AEP(R), Founder, Tax & Financial Planner, Eddy Company, LLC. Brian T. Eddy

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

It is much easier to check your credit score than it was 5-10 years ago. Back then, there weren't as many companies competing for your business in the credit reporting field. Also, many credit cards now offer you a free look at your credit score regularly. That wasn't the case several years ago. You also used to have to wait for a paper copy from a major provider, and could only usually get one copy per year for free. That no longer is the case with many companies competing for you business.

Is there ever a reason to pay to check your credit score?

I find that there are enough companies offering free reports regularly that you shouldn't have to pay to check your score.

Which benefits a consumer more: daily credit score updates based on one bureau's credit reports or weekly updates based on two bureaus' reports?

There is generally a decent time lag between what actions affect your credit score and the changes being reported. Therefore, checking your credit score frequently most likely won't be beneficial. I generally like to stick with one solid bureau's credit report.

What is the biggest mistake that people make in regards to checking their credit scores?

Overlooking issues that might be easily fixed and not being aggressive with creditors to fix these issues. Consumers need to be diligent in getting errors or unknown, old debts off of their reports. Even a small longstanding owed balance will hurt your score.

Kelly Gamble Assistant Professor of Accounting, Valdosta State University Kelly Gamble

How much easier is it for people to check their credit scores now than it was 5-10 years ago?

Accessing our credit scores is incredibly easy these days. Years ago, individuals had to contact each reporting agency (usually by "snail mail") and then wait. Now, many credit card statements automatically provide a FICO credit score. In addition, we now have "monitoring" services available that will provide users with their credit scores on a monthly basis. This is really important given the current rise in identity theft and the number of data breaches.

Is there ever a reason to pay to check your credit score?

At this point, I would say no. I would advise that everyone have a credit monitoring service which should allow for unlimited credit score checking. If this is not a feasible option, then obtaining your credit score (at least) once per year is a free service provided by credit reporting agencies: Equifax, Experian, FICO, and TransUnion.

Which benefits a consumer more: daily credit score updates based on one bureau's credit reports or weekly updates based on two bureaus' reports?

Here are two primary pieces of information that have to be considered when answering this question:

  1. Each reporting agency has its own set of criteria for determining credit scores, and,
  2. Lenders may use any or all of the reports when making credit decisions.

That being said, I believe that the more information you have, the better-off you'll be. I don't think most of us need daily credit score updates, but weekly, semi-weekly or monthly checks would not be unreasonable, depending on the circumstances. When applying for an auto loan or a mortgage, the consumer may not know which of the reporting agencies is used by the lender until after the credit check is done. Therefore, it is best to stay up-to-date on all of them and to correct any errors as soon as possible.

Image: Jane_Kelly / iStock.



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