Free Credit Score: Is It A Good Deal?

Thanks to the Fair and Accurate Credit Transactions Act (FACTA) of 2003, all Americans are now entitled to receive free credit reports from each of the three credit bureaus once every 12 months.  The free credit report, however, does NOT include a credit score. Credit scores are available online, but consumers have to pay for them.

Although there are countless ads promoting free credit scores, all of those free offers come with strings attached. Credit companies promote free credit scores  because they are trying to get you sign up for the subscription to credit monitoring.

When you order a free credit score and/or report, you will automatically begin your free trial membership in credit monitoring service. There is no such thing as a free lunch. If you don’t cancel you trial membership within 30 days, you will be getting charged monthly fees from then on.

Getting A Free Credit Score

The only way you can get a free credit score is by subscribing to free trial credit monitoring service and cancel your subscription within the trial month. Most consumers, however, forget to cancel it within 30 days and monthly fees begin to charge on your credit card bill. This is like a "who's smarter" game.

So Which Is Better?:  Free Credit Score With Subscription or One-time Purchase

That depends on your situation. If you’re worried about identity theft and willing to sign up for a credit monitoring service, getting a free credit score with subscription is a good deal. On the other hand, if you just want to know your credit score, purchasing a stand-alone credit report and/or score would be a better deal for you.