Why aren't credit scores free?

[Bades]

Why aren't they? In this country, especially during these times, people need to be more educated then ever, and have resources more readily available to them. By charging people $$$ to see their own credit score, I believe is just counter productive and it's another road for people to gauge their situation. How do we expect people to plan ahead, when it comes to important investments (mortgage, investment properties) when there is a roadblock of having to pay every time you want to see your score? I know it's not a lot of money, but they money isn't an issue0 I think it should be a free service regardless.

[Wino]

Why aren't they? In this country, especially during these times, people need to be more educated then ever, and have resources more readily available to them. By charging people $$$ to see their own credit score, I believe is just counter productive and it's another road for people to gauge their situation. How do we expect people to plan ahead, when it comes to important investments (mortgage, investment properties) when there is a roadblock of having to pay every time you want to see your score? I know it's not a lot of money, but they money isn't an issue0 I think it should be a free service regardless.

Because Experian, Transunion, and Equifax don't work for free.

They spend a lot of time and effort collecting the data, verifying the data, correlating the data, and refining their formulas. Someone has to pay for it. If they gave it away for free, why would they continue collecting the data at all?

Why don't you start collecting the data of 300,000,000 million people to give it away for free? Because you don't have the time. You have to earn to live. So do they.

People who think others should work for free are part of the problem. I see this same mindset when folks say, "Downloaded music should be free." But then why become a musician? "Downloaded programs should be free." Then why become a programmer? "Food, healthcare, housing should be free." Then why be a farmer, distributor, doctor or nurse, or carpenter?

Everything has a price. People who want free things are always the first to complain when they get cheated, but they don't see that their own desires are those that cheat others.

[DayByDay]

The Federal Trade Commission's Information on Free Annual Credit Reports

ETA: Oops, I see in the FAQ that you do still have to pay to see your actual score. I have only bothered to check the free report.

[UnknownXV]

Because Experian, Transunion, and Equifax don't work for free.

They spend a lot of time and effort collecting the data, verifying the data, correlating the data, and refining their formulas. Someone has to pay for it. If they gave it away for free, why would they continue collecting the data at all?

Why don't you start collecting the data of 300,000,000 million people to give it away for free? Because you don't have the time. You have to earn to live. So do they.

People who think others should work for free are part of the problem. I see this same mindset when folks say, "Downloaded music should be free." But then why become a musician? "Downloaded programs should be free." Then why become a programmer? "Food, healthcare, housing should be free." Then why be a farmer, distributor, doctor or nurse, or carpenter?

Everything has a price. People who want free things are always the first to complain when they get cheated, but they don't see that their own desires are those that cheat others.

The credit card companies already do this though, if not they wouldn't have a score to go by. If they already have the scores, they should offer them to their customers (people who have a credit card with them). Only makes sense.

Of course a third party would charge for it, that's fine.

[SeanH]

The whole credit score thing is a joke. They've created a demand for something that has no real value except possibly to lenders and even then its probably a poor substitute for real legwork.

You don't need some $15 a month number to know you are doing the right thing. Qualitative is more than enough. If you are actively working to minimize your debt, paying your obligations on time, and responsibly using a limited amount of credit your credit-worthiness is increasing.

Lenders who use the number as a substitute for a real evaluation of your credit, debt, and income are doing everyone a disservice.

[JustBill]

OP, I'll take your supposition one step further. Not only should you get it free, I contend that since the information is all data on us, the big 3 credit reporting agencies should actually compensate us since they are profiting from the sale of our data to creditors, employers, insurers and the like. They wouldn't have a business model without our activity.

[bdwilliams]

I don't think making credit scores free would help anyone get their finances in order.

[joshuaking]

I know its not the same as a FICO score, but there are many services that give you a free "FAKO" score. A service like Credit Karma will give you a credit score once a day, and you can track the general direction of your credit scores that way.

I think you can also get a free FICO score now whenever you apply for a mortgage. Hope that helps.

[chrisburke21]

Credit Score

The credit score might cost you money, but there are definitely free ways to monitor your credit score. I think someone earlier in this thread linked to annual credit report dot com. You can also call them directly at:

Equifax1‐800‐525‐6285 Experian1‐888‐397‐3742
TransUnion1‐800‐680‐7289

Make sure there are no errors on your reports, don't use over 1/2 of your open credit lines, and pay your recurring bills on time. You will be on your way to building a solid credit score.