Your credit score is a three-digit number that lenders use to decide whether to give you a loan and, if so, how much interest to charge you. A high credit score can mean you’re a low-risk borrower, leading to a lower interest rate on a loan. A low credit score could lead to a higher interest rate and may make your loan options more limited.
Checking your credit score is a good way to stay on top of your financial health, so you always know where you stand. Here are a few ways to check your credit score online:
Use a credit monitoring service
Credit monitoring services help you keep tabs of your credit report and score. They also provide you with alerts if there are any changes to your credit report so you can stay on top of your credit and ensure that everything is accurate.
A few different credit monitoring services are available online, like Credit Karma, Credit Sesame, and Bankrate. With these services, you can see your credit score for free. You’ll typically have to provide some personal information, like your Social Security number, to sign up for an account.
Use a credit reporting service
Another way to check your credit score online is to use a credit reporting service. A credit reporting service is a company that collects financial data on consumers and businesses. This data is used to create credit reports that are sold to lenders and other financial institutions.
The three main credit reporting services in the United States are Experian, Equifax, and TransUnion. With these services, you can get your credit report for free. Your credit report will include your credit score and information on your credit history.
Use a credit score simulator
A credit score simulator is a tool that allows you to see how different actions will impact your credit score. With these simulators, you can see how your credit score would be affected by different factors, like paying off debt, opening new lines of credit, or closing old lines of credit. This can be a helpful if you’re trying to improve your credit score or if you’re trying to decide whether to take on new debt.
Request a free copy of your credit report
You’re legally entitled to a free credit report from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) once every 12 months. You can request a report by visiting AnnualCreditReport.com or by calling 1-877-322-8228. When you request your report, you’ll need to provide information like your name, address, Social Security number, and date of birth.
Utilize your credit card provider
Your credit card provider may offer you the option to check your credit score for free or at a low cost. You can usually opt into this when you first sign up for your credit card. You’ll be able to see your credit score, credit history, and updates and changes that are made. But keep in mind that your credit card provider may not actually give you your score for free. Instead, they may give you a range or tell you that you need to sign up for a paid service.
The bottom line
Checking your credit score online is a great way to stay on top of your financial health. By monitoring your credit score, you can catch any potential problems early and take steps to improve your credit rating. Checking your credit score online is a quick and easy way to track your progress over time. It’s important to remember that your score is just one factor in your overall creditworthiness. Your credit can change over time, so it’s essential to keep track of it and check it periodically.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.