Answer, no. By law, Americans are entitled to one free credit report within a 12 (twelve) month period from each of the three credit bureaus but are not entitled to receive a free credit score. The three major credit bureaus are Experian, TransUnion and Equifax.

A credit score is a number between 501-990. This credit score is a number based on a statistical analysis derived form a person’s credit file history and the number represents the creditworthiness of this person. Keep in mind, that credit bureaus use FICO scores and they may be represented in lower numbers. The 501-990 scores are known as Vantage scores and used often for consumer debt, whereas FICO scores in lower numbers are used by mortgage lenders. Some financial institutions may also have their own rendition of credit scoring but its becoming more uncommon as financial institutions support a stable economy and standardizing consumer methods.

In general, this credit score assists in determining whether this person will pay their bills.

Believe it or not, you income is not considered by the major credit bureaus when calculating your credit score. Your history of paying bills on time, whether paying more than the minimum and how many bills are the main components of viewing historical credit history, not how much money you make.

All three major credit bureaus offer a subscription service to check credit scores intermittently during the year. All three major credit bureaus also offer a one-time only credit score service. Subscribing annually assists in reviewing your credit score and assists in raising or maintaining your former credit score.

Under the Fair Credit Reporting Act (FCRA), a consumer is entitled to a free credit report (but not a free credit score) within 60 days of any adverse action (e.g. being denied credit, or receiving substandard credit terms from a lender) taken as a result of their credit rating.
Only recently are credit scores taking a more important role in our daily financial lives. With integration of immediate responses via the internet and the ability to run analytical factors, more often times than not, credit scores are more apparent when renting an apartment or even securing homeowner’s or auto insurance.

Best advice for consumers? Pay attention to your credit score.

With today’s economy, it’s understandable that circumstances may make it difficult to keep paying as you would like and its always wise, to pick up the phone and make arrangements with your lenders. They can’t be aware of your situation unless they hear from you. Otherwise, pay your bills on time, pay more than the minimum and keep your debt as minimal as possible.