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Question:


If one’s credit score is so important, why is it such a huge secret? To find out what my score is, I’m going to have to pay a company. It seems quite ludicrous, although it’s standard.
-EDunn


Answer:


It’s a huge secret to protect your privacy. You wouldn’t want just anyone knowing how creditworthy you’re perceived to be, would you? As for why you have to pay for your credit score, it’s because the companies that determine the score have put in work – whether you like it or not – to assess your creditworthiness based on information supplied by banks or from public records. This might seem like less of an imposition if companies that sell access to credit information didn’t subject the public to infuriating saturation-advertising campaigns on TV.

The good news is that you’re not going to have to pay to look over the basic information that goes into calculating your credit score, as long as you don’t request the information more than once a year. The Fair Credit Reporting Act allows you do obtain your credit report once a year for free from each of the three big reporting services: Experian, Equifax and TransUnion. To get your reports, go to AnnualCreditReport.com, a website affiliated with the Federal Trade Commission.
-Conrad de Aenlle



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