June 23, 2006, Newsletter Issue #19: Know Your Credit Score

Tip of the Week

Knowing your credit score is one of the smartest money moves you can make. You can obtain your credit score directly from any one of the three large credit bureaus: Equifax, Experian, or TransUnion. Each company maintains an Internet commerce site from which you can order your information. Each also offers credit monitoring services and packages that include your credit score from all three bureaus, which can vary by as much as 50 points. Prices vary, but generally range from $9.95 to $59.95 for the different services and products. You do not have to pay for your annual credit report, but you do have to pay for a credit score. There are two ways you can get a credit report and credit score. Federal law allows you to receive a free copy of your credit report within 60 days of being denied credit if the decision was based in full or part on your credit score. The lender must notify you in writing of which credit bureau was used during the application process and give you instructions on how to obtain your free credit score and report. Even if you haven’t recently been denied credit, you can get a free credit report once every 12 months from Experian, Equifax, and TransUnion under a new federal law designed to help people protect their private information. For more information, visit www.annualcreditreport.com.

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