What is the due date for your Report, your Credit Report?

Credit Reports are NOT credit scores. None of the Credit Card Reporting Agencies have access too or are able to provide free Credit Scores.

However, your Credit Report provides the foundation for your Credit Score. So, having an accurate Credit Report will help you have a good Credit Score. You can check your Credit Report for free once a year.

However, since there are three Credit Reporting Agencies you can check your report three times throughout the year. Credit Monitoring services basically do this for a fee, so why pay someone to look at your Credit Report when you can do it for free?

Credit Scores are provided by FICO. FICO takes the information from the Credit Card Reporting Agencies and creates a Credit Score from that information. (It's generally quite tough to see your credit score without paying FICO for it.) After all, charging people for the credit score is how FICO makes its money.

PS: Discover credit card provides the credit score from TransUnion. So the score they are providing is only 1/3 accurate. The real FICO score will include information from EquiFax and Experian as well.

Want to learn even more? Read the bottom half of this article.

Questions:

1. Who provides information to FICO to create your Credit Score?

2. How often can you check your Credit Report for Free?

3. Are there ways to "estimate" your FICO Credit Score?

Resources:

Lecture Guide

PowerPoint: Credit Reports

Teachers Pay Teachers Files