How Free Credit Scores Work
There are a lot of free credit score offerings out there, and many can be useful, but there are a few things consumers need to know when looking up their credit scores. Some scores are educational — meaning creditors do not use free credit score formulas for making lending decisions — but they can still inform you whether you have good or bad credit.
There are tools like FICO Open Access and the Walmart Free Credit Scores that show scores used by lenders, though you won’t know which formula a potential creditor will use when evaluating your loan application. Still, tracking the same credit scoring formula over time will highlight how your actions affect your score, even if you don’t know exactly what your score will be when a lender requests it.
You should also know checking these — What Free Credit Scores Won’t Hurt Your Credit, are available to consumers so there’s no reason to not take advantage of them.
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