If you don’t already know your credit score, now is the time to find out. FICO, a major provider of credit scores, has unveiled a new formula that might negatively impact some consumer scores.
As COVID-19 plunges the country into what is almost surely going to be a recession, this is a good time to see where you stand financially in case you need a loan in the future.
In the past, you’d have to pay to see your credit score. But that has changed. Today, you can get a free score from any of the following sources.
1. Discover
Anyone can access their credit score for free through the Discover Credit Scorecard program.
You don’t have to be a Discover customer to sign up for the service. It not only provides your credit score, but will also notify you of new accounts on your Experian credit report and send an alert if your Social Security number is found on the dark web.
2. Credit cards
Through the FICO Score Open Access program, FICO works with more than 200 financial institutions to provide their partners’ customers with free access to credit scores. The following credit card issuers are among those participating in the program:
- Citi
- Barclaycard
- HSBC
3. Lenders
If you have student loans, an auto loan or a mortgage, you may also be able to get a free FICO score through your lender. Here are a few of the loan companies that have partnered with the FICO Score Open Access program:
- Sallie Mae
- Payoff
- Vanderbilt Mortgage and Finance
4. Banks and credit unions
Dozens of banks and credit unions across the country also offer access to free FICO scores through FICO Open Access. These include both large and small institutions. Here are a few examples:
- SunTrust
- Bank of America
- Affinity Federal Credit Union
Depending on the institution, free scores may only be available to customers enrolled in certain products and the program may change.
5. Credit counselors
If you’re using the services of a credit-counseling program to improve your finances, you may be eligible for a free FICO score through that organization via the FICO Score Open Access program.
Partner organizations (see them listed below participating banks and credit cards) include companies with national or regional clients.
These are a few of the credit counseling organizations offering free FICO scores:
- DebtHelper.com
- Operation Hope
- Consumer Credit Counseling Service of Savannah
6. Experian
The credit reporting company Experian offers free access to FICO credit scores through its website FreeCreditScore.com.
You won’t have to enter any credit card information to create a free account and see your FICO score. The company says it does not sell your information to third parties. It updates scores every 30 days.
7. Credit applications
A sometimes overlooked option for getting a free credit score is to simply ask to see it when applying for a loan.
If your credit is being pulled by a dealership, mortgage lender or bank, see if they will be willing to share your score with you. While this won’t work for an automated credit application, such as for a credit card, it is an option anytime you have contact with a company representative.
Keep in mind, though, that a major reason for checking your score is to provide you time to repair or boost your credit score before applying for a loan. If possible, try one of the options above first.
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