The credit score is an essential factor that defines your financial health. It not only reflects your overall financial situation but also shows how every decision you make affects your credit and financial future. More important than “how to check your credit score” is to know where to check your credit score.
There are 4 things to consider when it comes to understanding your credit. Here are the 4 important steps to consider before you take a further step towards your credit score.
#1. How to check your credit score?
Most people pause at this question “How to check your credit score?” and almost majority of them are not sure if there is a free service available to access your credit score.
There are various sources available where you can check your credit score for free and even access your entire credit report. You don’t have to allocate some time especially to check your credit score, the process is very simple that you can just do it in a few minutes.
Let’s look at how to check your credit score for free and that too in just a few minutes.
How to check your credit score in just a few steps:
- Choose a source to check your credit score (few are listed below #2)
- Decide if you want to check your credit score for free or pay a small amount for it.
- Pick the source based on your requirement: credit score only or credit score + credit report
- Sign up on their website to access your report.
- While signing up, you will have to fill your basic information to confirm your identity and once done you can access your credit score in just a few minutes.
Tip: As it won’t take much of your time, you can even do it while traveling or in your lunch break.
#2. Where to check your credit score?
The most important thing is to use the correct source to check your credit score. Each source uses different data to calculate the credit score and thus might vary. Although the variation will be small but getting an accurate credit score is what matters the most. Some credit scores are updated very frequently than others. So, if you’re planning to apply for a major loan in a few months then it is recommended to keep a track of your credit score daily. As you will be able to get the insight of what the creditors and lenders would be looking at when it comes to your loan application.
We share with you some standard credit source providers that offer you an accurate credit score.
List of Credit score providers:
|Credit Reporting Source||Fee (if applicable)||Free Entire Credit Report Provided?||Updating Frequency|
|Quizzle||Free||Yes||Every 3 months|
|Mint||Free||No||Every 3 months|
Take your financial journey to the next level by following one of the above sources to monitor your credit score and credit report.
Tip: Most sources such as Experian, Equifax etc. that come with a monthly fee, also offer a 7-day trial for $1 or more.
#3. Why you should check your credit score?
The next most important thing is to understand the benefits that come along when your regularly monitor your credit score. Here’s the reason why you should check your credit score:
- Gives you an insight into your financial fitness and the factors affecting it as well.
- You can know about the best interest rates and offers you’re eligible for and thus reduces your swipe into rejection probability.
- Oh, and don’t forget about the credit rating comparison-if its excellent, good or bad. You can track your rating and find ways to boost it up before you apply for a home loan or new credit card. Having an excellent score can pitch-in more offers and better rates.
#4. Extra tips on credit score
Decide if you really want to pay to check your credit score as there are various free options available. Instead, work on fixing up your score to get better rates and boost your eligibility for loans. Learn to manage your credit card wisely so that you can always maintain your credit score on the positive side of the numerical range.
Just knowing how to check your credit score and working on ways to improve or maintain it are 2 different things. We have listed the important credit reporting sources for you to get the accurate credit score. Keep monitoring your credit score to understanding in which direction your financial future is moving.