Ask The Money Coach

To get your FICO credit scores, go Fair Isaac’s consumer web site, www.myfico.com. FICO scores aren’t free; they cost $14.95 each. Currently, you can only get two of your FICO scores, the ones based on your Equifax and TransUnion credit files. In February 2009, FICO stopped selling FICO scores based on Experian data in the wake of an ongoing legal dispute between the two companies. Experian still allows Fair Isaac to sell Experian-based FICO scores to lenders. However, Experian ended what had been a six-year agreement that previously allowed Fair Isaac to sell Experian-linked FICO scores to the public.

Getting Credit Scores Must Be On Your Must-Do List

As mentioned, it costs $14.95 apiece to get your FICO scores. Despite the cost, I think this money well spent because the folks at Fair Isaac offer you a range of credit-related tools and information to help you boost your credit score. In my mind, it’s always best to get information straight from the horse’s mouth. And since the people at Fair Isaac are the dominant players in the credit scoring world, it would be foolish to neglect to get those scores. Financial institutions rely on Fair Isaac too. While there are several different types of credit scores throughout the financial world, 98% of credit card companies and 75% of mortgage lenders use FICO credit scores as the basis for their lending decisions. Pulling your credit report and FICO score might seem like an obvious thing to do if you want to make an investment in yourself and start enhancing your credit reputation.

More Than 20% of Adults In America Have Never Seen Their Credit Report

However, I encounter a surprisingly large number of people who have never seen their credit report and credit scores, or for some reason don’t want to. In fact, more than 20% of all adults in America have never seen their credit report. Some people are scared of what their credit file might show. They recall, for example, being turned down for a credit card, so they’re imagining the worse.

Well, no matter how bad things might be, ignoring a sickly credit file won’t fix it, any more than ignoring a broken arm would fix that bone. If you’re hurt; you’ve got to go to the doctor. If your credit report is ailing, you have to check things out and get on with healing it. You can’t improve your credit if you don’t know where you stand. So if you don’t get your credit report and FICO score online today, mark a date on your calendar when you will do so. Then get into the habit of checking it regularly – meaning at least once a year. Don’t wait until you’re in the market for a mortgage or auto loan. Get that credit report and FICO score now.

Update: A few months after this article was written Fair Isaac launched a free FICO score campaign.