A credit score is a summarized set of data concerning a person’s “creditworthiness”. Lenders use this data in assessing a person’s capacity to pay. A credit score ranges from 300-850. The basic idea is the higher a person’s credit score is, the more credible a person appears. Today, there are now many scoring system that is used to determine the credit score of an individual but the most popular and widely used scoring system is the one developed by Fair Isaac, Corporation. From your credit history, the FICO scoring system can conduct a statistical analysis to attain your FICO score.
Since lenders will first check your FICO score before deciding whether to lend you money, checking it regularly is very important. This is to ensure that no errors have been made that can cause your score to drop. In checking for your FICO score, here are some methods you can use:
- Obtain FICO score from FICO website. Fair Isaac, Corp. provide online services that can calculate your FICO score. Since they are the developers of the scoring system, purchasing directly from them is one of the effective means of checking your credit score. Aside from that, their online services also include various tools that can help you improve and understand your FICO score better.
- Obtain FICO score from three major credit bureau companies. Equifax, Experian and Transunion are the three major credit bureau companies that use FICO scores. They use all the credit information they acquire about your credit history in calculating your FICO score. Through their online website, you can easily purchase your FICO.
When you purchase your FICO score from one of these companies, you have the option of getting all three FICO scores at a single purchase. Since credit reporting agencies calculate credit scores differently, obtaining multiple credit scores can ensure the accuracy of your FICO score.
- Have your lender obtain your credit score. Since lending companies use your credit score to check your “creditworthiness”, they often obtain your FICO score on their own. This is beneficial since most of the time, these lending companies do not charge you for this. All you have to do is provide lenders a written consent form stating your willingness to share your credit score.
- Purchase FICO score from other online websites. To this date, there are now many available online website that calculate your FICO score. However, since there are now many credit reporting companies available, choosing for the right company to hire can be overwhelming. Hence, when choosing for a credit reporting company, you must consider the company’s reputation, the quality of their customer service and assistance, and the accuracy of their reports.
These are the methods you can use if you want to check your FICO score. Remember that you also have the option of obtaining your annual credit report for free. However, it is still recommended to check your score regularly. This is helpful in order to avoid identity theft and to ensure that no errors are made during the process of calculating your FICO score.