How To Get Your Credit Score For Free: A Guide

Your credit score is a three-digit number that indicates your creditworthiness to lenders. It helps lenders figure out how likely you are to pay your debts on time, and can affect your ability to do things like get a loan, buy a house, or rent an apartment. A higher credit score indicates that you’ve been responsible with your credit in the past, which can help you get more favorable terms and interest rates.

While you can get your credit score for free from many different places — including the Rocket Money^SM app — it’s important to understand what goes into a credit score and how you can increase yours. 

Why You Should Check Your Credit Score

Checking your credit score regularly can help you spot irregularities that could negatively impact your score. However, it’s not enough to just check your score. You also need to check the credit report that your score is based on.

Credit reports are statements of your financial history that are collected by the three major credit bureaus: Equifax^®, Experian™ and TransUnion^®. These companies get your information from creditors like lenders and credit card companies. But, because these lenders don’t have to submit your information to each bureau, your credit report can vary between the three agencies. And, because your report varies by bureau, your credit score can change based on the credit agency the credit scoring service pulls its information from.

Under the Fair Credit Reporting Act, you have the right to pull your credit report annually from each of the three bureaus and make sure that there aren’t any errors in your report. Errors can include anything from misspellings of your name to incorrect account balances. Aside from helping you make sure all of the information in your report is accurate, checking your report can also help you catch potential cases of identity theft, where new accounts may have been opened in your name without your knowledge.

Your credit score also changes based on the scoring model used by the service. There are two main scoring models companies and lenders use: FICO^®  Score and VantageScore^®. Both models have scores ranging from 300-850 with higher scores indicating better credit, but they prioritize different things in a credit report. For example, while both models indicate that payment history is the most influential factor, FICO^® also emphasizes amounts owed (debts) while the VantageScore^® model emphasizes credit utilization as well as age and type of credit. 

So, when you get your credit score for free, it’s important to understand where that service is pulling from and what model they’re using to calculate your score.

Credit Score Vs. Credit Report

Though some people may use “credit score” and “credit report” interchangeably, they are not the same.

Your credit score is an indication of how reliable you are with your credit. It is used to make decisions on whether to offer you products like a credit card, mortgage, or a loan. They’re also used to determine the credit limit and interest rates you’ll have. Higher scores indicate a responsible credit history, which can help you get better interest rates and more favorable loan terms.

Your credit report is where the information that creates your credit score comes from. Credit reports are generated by the three major credit bureaus and outline each person’s history of credit utilization. Each report includes things like:

• Personal information including your name, birth date, and Social Security number
• Information about your credit accounts like the credit limit or amount, the balance and payment history
• Public records such as foreclosures and bankruptcies
• Inquiries from companies that have accessed your credit report

In short, your credit score is the three-digit number that indicates your creditworthiness. Your credit score is determined by the information in your credit report.

How To Get Your Free Credit Score

If you’re still wondering “what is my credit score,” fear not! You can find your credit score for free from a variety of places including:

• The Rocket Money app
• Websites like Credit Karma and Credit Sesame
• Certain credit card companies who may include your score in your monthly statement

When using these services, remember to look at what scoring model and credit bureau these companies use, since that can alter your score. Don’t forget that your credit report can vary by bureau, meaning that you can have slightly different scores depending on the service you consult.

One of the best ways to make sure all of your credit reports are accurate is to check them once every year. Below, we’ve compiled some free credit monitoring resources that can help you manage your information.

AnnualCreditReport.com – A Solid Choice For Frequent Credit Monitoring

Everyone is entitled to a yearly copy of their credit reports, for free, from each of the three major credit bureaus. You can request a copy of these reports from AnnualCreditReport.com. The website protects your information by encrypting the connection between you and your devices so other websites can’t get access to your information. It also asks you a series of verification questions to confirm your identity.

Credit reports do not usually show you your credit score. Instead, you can use the information in each annual credit report to find and fix any errors that could be lowering your credit score.

Specialty Reporting Agencies That Cover Employment And Renting History

In addition to the major credit bureaus, there are also smaller credit reporting agencies you can request yearly reports from. These smaller agencies are more specialized in the information they collect. Instead of providing a snapshot of your financial history, they may focus on one aspect of it like your employment or renting history. Though employers aren’t allowed to discriminate against you for having ever filed for bankruptcy, they may examine your employment and credit history to see if you’ve been responsible with money in the past. This is especially true for jobs that involve things like handling money, obtaining a security clearance, or dealing with confidential information.

Just like with the reports from the major credit bureaus, you are able to obtain copies of your reports once per year, however, not every agency has access to your information. If you’re interested in getting these reports, you have to request them individually from each provider. You can see a list of these companies here.

Apps That Offer Access To Credit Scores

If you’re interested in regularly checking your credit score, the Rocket Money app lets you do so, without hurting your credit. The Rocket Money app uses credit information from Experian™ and uses the VantageScore^® model to assess your creditworthiness.

Premium members also have access to full monthly credit reports that allow users to see their updated score, report and any recent credit changes.

3 Ways To Keep Your Credit Healthy

Now that you know what goes into a credit report and a credit score, here are some tips on how to keep both of them clean and healthy.

Scan For Errors

Errors on your credit report are more common than you think. In 2021, a Consumer Reports study found that more than one-third of the participants had errors in their reports from at least one credit bureau.

When checking your report, make sure that all of your personal information is correct including your name, Social Security number, address, etc. You should also check that you recognize all of the accounts you see listed and that the balances are correct. If you notice an error, report it to the bureau that issued your report so it can be corrected.

Review Your Credit Scores Regularly

Checking your credit score regularly does not hurt your credit and can help you better understand your financial situation. Knowing your credit score can help you figure out which loans and financial products you are eligible for by showing you what a lender sees. You should try to check your credit score at least once a year, though you can do so more often.

Check Your Credit Report

When reviewing your annual credit report, you should also look at any credit inquiries listed on the report. There are two types of inquiries: hard inquiries and soft inquiries.

A hard inquiry is when a lender looks at your credit report to make a decision about approving you for a financial product like a loan. Hard inquiries can cause a small dip in your credit score, but several in a short period of time can cause a larger dip. So, you’ll want to limit hard inquiries to help keep your credit score high.

Soft inquiries do not impact your credit score, because they are not linked to an application for credit. Your annual free credit report is an example of a soft inquiry and checking it can help ensure there won’t be a nasty surprise waiting for you if a hard inquiry is pulled later. You can also use your free credit report to check for and dispute any false hard inquiries listed.

Credit Score Check FAQs

Now that we’ve covered the basics of credit scores and how to get them, let’s go over some commonly asked questions.

How many credit score checks do I get for free?

There is no limit to how often you can check your credit score for free.

Credit reports are different, though. You can request your credit report from each of the major credit bureaus once per year. Some people may order all of their reports at once, while others may spread them out over the year.

What’s a good credit score?

The definition of a “good credit score” can vary based on the scoring model used, but in general:

●      Excellent: 800+

●      Very Good: 799-740

●      Good: 739-670

●      Fair: 669-580

●      Poor: 579-300

To improve your credit score you’ll want to focus on actions that make you seem like a responsible borrower to a lender, like making your payments on time, and keeping your credit utilization low, if you can.

Is it safe to get a free credit score online?

In general, yes. Most credit apps through banks or business bureaus are safe, but be wary of scammers. Look out for fake websites that offer things like free credit reports or pose as credit repair companies. If you get an unsolicited email about your credit from a company you’ve never heard of, it’s likely a scam, so don’t give them your information. Finally, if you are asked to pay money upfront to a fraud credit repair service, don’t. It’s illegal for them to charge you upfront and could be a scam.

Remember, any data you lose can be used to steal your identity and any money spent can be lost forever.

How do I know my credit score?

Most credit bureaus don’t list your credit score on your annual credit report. Instead, you can know your credit score by checking it with tools like the Rocket Money app, Credit Karma or banking services. Remember that your credit score can change based on the scoring method being used and the bureaus being pulled from, which is why it’s important to stay on top of your credit reports.

The Bottom Line: Get Your Credit Score For Free To Protect Yourself

Knowing your credit score can help you secure the best possible terms and interest rates for any future loans, but can also help you dictate your financial goals. Remember to pull your yearly credit reports to ensure that all your information is accurate and to dispute any information that is incorrect.

To view your credit score safely, download the Rocket Money app. and make a plan to improve your credit score today.