The importance of credit cannot be overstated. You will have a simpler (and more financially advantageous) time applying for a home or student loan if you have a good credit score. Employers, insurance, and landlords may also use your credit score to assess you.
When you initially get a credit card, you will be given a credit score and report in your name. You can even obtain a credit score without having a credit card. You most certainly have one if you’ve ever taken out a loan or had bills. So, the question is, do you know what your credit score is?
You should be conscious of where you stand right now. Here’s a quick and simple way to check your credit score right now.
How to Determine Your Credit Score
There are at least four ways to check your credit score, according to the Consumer Financial Protection Bureau:
1. Look over your bank, credit card, or loan statements. Many financial companies provide their consumers with free credit scores. Your score is usually available on your monthly bill or by going into your account online. To receive your scores, you may need to sign up for the service.
2. Make use of a free credit score service. Before signing up for a credit score service, make sure you read the conditions. While some credit scoring firms provide free credit reports, others only send reports to consumers who pay monthly fees for credit monitoring services.
3. Purchase credit ratings from a credit bureau or another service provider. Credit scores can be obtained from one of the three major credit reporting agencies: Equifax, Experian, or TransUnion. Other paid providers, including FICO and VantageScore, get access to your scores as well.
4. Speak with a non-profit counselor. Credit counselors will frequently provide you with your credit report and score for free and will go over the data with you. When looking for a credit counselor in your area, the National Foundation for Credit Counseling is a fantastic place to start.
It is critical to thoroughly review your reports for any flaws or inconsistencies. A negative credit report can lower your total score. Get a free Experian credit report today to see if anything is affecting your credit score.