How to Check the FICO Score Free?
Credit report check 2018: The Fair Isaac Company (FICO) was established in 1956 as an organization mainly involved in data analysis and credit rating services. Here we will discuss on ‘How can I check my fico credit score for free?’ and best credit report sites. The company headquartered in San Jose, California started the credit score model in 1989.
Credit report check for employers is also a query because some employers will check job applicants’ credit history online. Today the FICO credit score is followed credit lender companies and banking establishments. This score is one of the most trusted and recognized data based on the information collected from credit files of the consumers at Equifax, TransUnion, and Experian-the three major credit bureaus.
Where to get Fico score online?
These Organizations Offering FICO Credit Score Free
1. Discover Credit Scorecard
The Discover Credit Card Services inaugurated the Discover Credit Scorecard on 20 May 2016. Using this service, all customers can view their FICO credit score free of cost. The customers do not have to use or purchase any product from Discover for accessing the scorecard data. Discover Credit Scorecard offers the information based on the facts collected from the Experian Credit Bureau.
2. Discover Open Access Program
This is one of the oldest sources to show the FICO score for free. The score calculations under this program are based on the FICO Score 8 Model. The data is collected from the TransUnion Credit Bureau.
The customers using any of the Citibank credit cards. The free FICO score at this institution updated every month is based on data collected from the Equifax Credit Bureau. You can find the scores on your online statement.
4. American Express
This organization uses the Experian FICO score records for all its operations. The customers owning an American Express credit card can get the FICO score (updated every month) on their online account.
5. Bank of America
This bank uses the TransUnion data for FICO scores. The customers with some selective credit card products can get access to the free FICO scores on their account summary page. The bank offers monthly updates with credit history.
If you own any of the Barclaycard credit card accounts, you can see the FICO TransUnion score free by visiting the link provided at the account summary page online. The data is updated every month.
If you own a Walmart Credit card or a Walmart MasterCard and enroll for the monthly statements via online delivery, the authorities will also provide you the free FICO score along with the report. This report is updated every month.
Some Other Sources
The most noteworthy mention in this regard is the Ally Bank offering the FICO score information to all auto loan applicants. Their decision-making for the loan approval is based on this score.
Differences of FICO Credit Scores
Many of you must have noticed the difference in credit scores at different institutions. The reasons responsible for these differences include:
- Different credit bureaus possess different data based on which they calculate the scores
- FICO used several credit-scoring formulae to improve the financial practices.
- FICO frequently updates the credit scoring processes to the best of efforts for obtaining effective results
- The different financial organizations may choose to follow the industry-specific credit score model to assert to better decision making.
Some Parting Words,
FICO score can vary according to the sources from which credit bureau FICO collects its data. It is important for the customers to compare the scores with three or four banks/financial organizations to get the authentic data. The customers can directly obtain it from FICO for $60. You will find a wide difference in scores from one institute to another. Whether you stand the chance to obtain a loan or complete the mortgage application process successfully will also depend on the data used by the concerned organization.
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