There you are expecting your credit score to show up as you pull your credit report from one of the big 3 credit bureaus and it isn’t there. You may be frustrated that you made the effort and perhaps spent money in the hope of discovering your credit score on that credit report. It makes sense that the credit rating should appear on your credit report, so why doesn’t it and what can you do about this fiscal injustice?
Credit rating background
The very first thing to understand is that credit reports and scores are two entirely different items.
The FICO score is an exclusive credit scoring system that was developed in the 1950s. The company that established it Fair, Isaac and Company then sold the scoring system. Initially, there were other scoring systems that competed with it.
However, as soon as Equifax began using it as a basic purpose credit rating, it basically became the standard.
In other words, the company that designed the FICO Score was so effective with it that the entire credit industry embraced it as a standard technique of determining creditworthiness. And soon, you’ll learn a how to get credit score method. It is an item the credit bureaus subscribe to in order to assess you, and it is a product you purchase to see where you stand.
Credit report: What’s in it?
The credit report is just that: It notes your entire credit profile so that financial institutions can examine it and determine your creditworthiness, both independent of the FICO score and in combination with it. You can order all 3 credit scores too, and they also have their own scoring systems.
Credit Score: It’s not free, mainly
Your FICO rating is rarely offered for free. Those sources might offer you a free FICO rating, but then you’ll be signed up for a month-to-month repeating charge in some sort of subscription program involving credit, or credit monitoring, or as a value-add by utilizing a certain charge card (like Discover, which provides a totally free score on your statement every month). These may be worth it, depending on your situation.
The Fair Credit Reporting Act gives consumers access to their credit report for totally free one report from each of the major three credit bureaus (Experian, Equifax, Transunion) once per year. This information is provided at a central source, www.annualcreditreport.com.
In addition, the FCRA entitles you to a free credit report if a business or financial institution takes what’s called adverse action against you. This includes denying an application for credit. You could also get one if your report is inaccurate because of fraud.
You can contest mistakes or you may have found a case of fraud. You want to do this not just so everything is correct, but because it will certainly effect your FICO score.