what are the four main ways to view your credit score?
Answer:
Credit scores are numerical representations of an individual’s creditworthiness, calculated by the major credit bureaus such as Equifax, Experian, and TransUnion. Lenders and creditors use credit scores to determine how likely someone is to fulfill their credit obligations and make payments on time. There are different ways to view your credit score, including:
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Through a Credit Reporting Agency (CRA): The three major credit bureaus provide credit reports and scores to individuals. You can obtain one free credit report per year per bureau at AnnualCreditReport.com. You can also purchase credit monitoring services to view your credit score and receive credit alerts when changes occur.
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Through a Credit Monitoring Service: Various companies offer credit monitoring services that keep track of credit reports, scores, and alert users to any changes that occur. Credit monitoring services often offer tools to help users improve and maintain their credit score, and some even provide identity theft protection.
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Through a FICO Score Report: FICO scores are the most widely used credit scores by lenders. While you can see your credit score through CRAs or credit monitoring services, FICO also offers a credit report that details the factors affecting your score and how different credit actions may affect your score.
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Through a Credit Card or Loan Statement: Many credit card issuers and lenders offer free credit scores to account holders on a monthly basis, either on statements or online account portals. This is a convenient way to keep track of your credit score while also monitoring your credit utilization and debt-to-income ratio.
It’s important to regularly monitor your credit score and credit report to ensure that the information is accurate and to detect any errors or fraudulent activity. By doing so, you can take steps to improve your credit score, which can help you secure better loan terms, lower interest rates, and other financial benefits.