I want to know what all of you think. We already get free access to our credit reports, but should we get free access each year to our credit score too? If so, which one?
As much as I would like this, I don't think it'll happen. Your scores are based upon the information contained within your report--you can get a sense of your score. Plus, scores are only useful if you're shopping for credit. For those who aren't seeking credit, a free report allows them to check for accuracy and guard against fraudulent activity. It would be much more frustrating if your score was free, but you then had to pay to see your report.
I think that's the problem, which one? The scores are interesting but only really meaningful in the context of the loan for which they are computed. The score vendors want consumers to think the score they are selling is "the" score; however, as many of us know, there are many scores. If there was a "free score," chances are it would be different from the one the next creditor would use and even if it was the same, it would likely change from one month to the next causing more confusion. It's better that we get our credit reports which contains the source data used to compute the scores. The source data is something the consumer has some control over. Scores have a degree or two of distance from the source data. I think it's a good idea in theory, but not in practice.
I agree...I think it would be quite difficult to implement. The only "free" credit score I would want to see anyway is a FICO score, and I doubt that would ever happen. But what if all lenders were required to provide you with a copy of the score they used when underwriting your application for credit? It's seemed to work rather well in the mortgage lending environment.
No, don't think it will happen. With the credit report, you can find inaccurate information and have it corrected. The free report is protection against inaccuracies and identity theft. The score has no indication of accuracy. It's just a number.
I think if you're denied credit, you should get the score along with a copy of the credit report just because there are so many different scores. It seems reasonable that you should be told the one that prevented you from getting a loan. If you are approved, it doesn't matter so much, but every time I've asked what the score was, I've been told.
I agree- it's certainly reasonable to require lenders to disclose what score they used if they decline your application. However, I would still like to see scores disclosed regardless of whether one's application is approved or denied. It seems only fair to me.
