Credit Score Scams - Facts

Almost everyone wants to know his or her credit score. It would be great if we could just go online, type in our name, and have the score pop right up. Unfortunately, it doesn’t quite work that way. Most of the time, you have to pay for your credit score. We wanted to take this time to address the scams floating around the internet and elsewhere that pertain to your credit score. Here are a couple of credit score scams to watch out for.

Credit Score Scam: Ordering your “free” annual credit score

It may not be a full-on scam, but it’s a situation that plays upon the widespread confusion about credit scores and free credit reports. By law, you are entitled to a free annual report from each of the three credit reporting bureaus. However, it’s important to note that this report does not come with a score. After you’ve ordered the report, pored through it and realized there’s no score included, you will be able to find an option to buy the score from the credit reporting bureau. If you are on a site which claims to provide the official free annual credit score, it is a scam: there is no government mandate which provides free scores, yet.

Credit Score Scam: Phishing

Be careful of any online offer where you provide sensitive personal data or passwords. These may be attempts to get your information so that someone can steal your identity, or sell the information to someone who will. Only order products from reputable sources that you can verify. If you are prompted to re-submit payment information or sensitive personal information, call the company because this is often an indication of a phishing scam.

Notes on Credit Score Scams

The possibility of a scam should not deter you from getting a copy of your credit score or using the internet to conduct business. Knowing your credit score is an important part of your financial future. It may help you set spending practices and get loans at more favorable rates. If you are careful and vigilant to the possibility that someone might try to deceive you, you should not have much difficulty.

CreditScore.com provides free credit scores, which is an important part of staying on top of your credit. Remaining in touch with what the lending communities is reporting about you and how risky or not risky they consider you will save you a lot of money in the long run.

These scams are not credit score myths, they’re fact. Being mindful of them is advised.