CreditReportsSite .com, Credit Reports Info

Free Credit Report Credit Score Services Online – Do They Exist?

Is it really possible to run a free credit report credit score on the internet? Many of us have become disillusioned and frustrated in the past with websites which appear to offer free products or services online but in fact do not. Is this the case with free credit report credit score services?

Firstly let us examine exactly what we mean by a free credit report credit score.

In the U.S., a credit score is a number founded on a statistical analysis of a individual’s credit files, that theoretically represents the creditworthiness of that person, which is the likelihood that people will pay their bills. A credit score is mainly founded on credit report information, generally from one of the three major credit bureaus: Experian, TransUnion, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score.

>>>free credit report credit score<<<

Research has shown scores to be prognostic of risk in the underwriting of both credit and insurance. Some studies even indicate that most consumers are the beneficiaries of lower credit costs and insurance premiums ascribable the use of credit scores.

There are different ways of calculating credit scores. FICO, the most common type of credit score, is a credit score designed by FICO, better known as Fair Isaac Corporation. It is utilized by numerous mortgage loaners that use a risk-based system to determine the possibility that the lender may default on financial obligations to the mortgage lender. The credit bureaus all have their own credit scores: Equifax’s ScorePower, Experian’s PLUS score, and TransUnion’s credit score, and each also sells the VantageScore credit score. Additionally, several large loaners, including the major credit card issuers, have developed their own “in-house” scoring strategies.

>>>free credit report credit score<<<

The good news is there are websites which claim to offer free credit report credit score services, but they are not free. Americans are entitled to one free credit report a year from each of the three credit bureaus but are not entitled to receive a free credit score. The three credit bureaus run Annualcreditreport.com, where users can get their free credit reports. Credit scores are available as an additional feature of the report for a fee. If the consumer disputes an item on a credit report pulled using the free system, the credit bureaus, under the Fair Credit Reporting Act (FCRA) now have 45 days to investigate, instead of thirty days for reports received otherwise.

Alternatively, consumers who want  to obtain their credit scores can in sometimes purchase them separately from the credit bureaus or can purchase their FICO score directly from Fair Isaac. Credit scores (including FICO scores) are also made available for “free” through subscription to one of the many credit report monitoring services available from the credit bureaus or other third parties, although to actually get the scores for free from most such services, one must use their credit card to sign up for a free trial subscription of the service and then cancel before the first monthly charge. Until March 2009, holders of credit cards issued by Washington Mutual were offered a free FICO score each month through the bank’s Web site. (Chase, which took over Washington Mutual in 2008, discontinued this practice in March, 2009.)

I have seen websites claiming to offer free credit report credit score, but they always lead eventually to the paid sites in the end, even allowing people to search for free and then charging to view the results. It is the sad truth that the only place where you are likely to find detailed credit score reports is within the legitimate paid services. In conclusion, the answer is no, free credit report credit score servieces do not currently exist. However if you really want to access such records then I believe paying a small fee is a price worth paying.

About the Author

For More Information, Please Visit NationalCreditReport.com