Three Ways To Get Your Fico Score For Free

An important fact you all should know is that there is no federal law to mandate credit agencies to give out Fico scores for free. There is a law that mandates them to let you to get your credit reports once a year, free of charge, but this law applies only to credit reports and not scores. However, there are still some ways and tricks that you can use to get your fico score for free from valid sources:

1) When You Apply For A Mortgage or Home Equity Loan:

Lenders will always look at your credit report and Fico score to decide whether to accept or turn down your application. The result of this process is greatly dependant on whether the lender feels you are a creditworthy candidate based on all the information available to the lender, including your application. Therefore, they have access to applicant’s Fico score and they record it on his/her application. You can ask them what your fico score is while the lender is reviewing your application. This method can be applied to other lenders as well. Just be aware that they have the right to deny revealing your fico score to you.

2) When Your Application For A Credit Card Or A Loan Has Been Denied:

There is a law, Equal Credit Opportunity Act (ECOA), which gives you the opportunity to ask a lender about the reason for your application being denied. You have 30 days to act on it by asking your lender. If the lender tells you that the main reason is your Fico score, that lender is obligated to give you the score for free as the explanation for their decision. Therefore, when you contact your lender to request the reason for your application being denied, also ask them to give you your Fico score.

3) When Your Credit Card Application Has Been Approved:

Washington Mutual and some other respected companies that grant credit cards, will provide the credit card applicant’s free Fico score upon approval. So as you shop for credit cards, you can ask the credit card company whether they’ll give you your Fico score when you get approved. Some card companies even allow you to monitor your Fico score on their website as long as you have an account with them. They do this for free to attract more customers.

It is very important that you monitor your fico score and credit report regularly to promptly address any attempts of identity theft or fraud on your credit. There are other ways that you can get your Fico score free of charge. Learn more about them and find out more about getting your Fico score for FREE. Just be aware that when you are shopping around for your Fico score, there are companies and people out there who will try to trick you. Read articles about free fico score to find answers to your questions on this topic.