Consumers typically have three FICO scores based on credit reports at the three major credit reporting agencies. Under federal law, the three major credit reporting agencies – Equifax, Experian and TransUnion – are each required to provide consumers with one free copy of their credit report each year (annualcreditreport.com) but there is an extra cost for credit scores.
Experian has given consumers a new way to keep an eye on their actual Experian FICO credit score. FICO credit scores matter most because they are used in 90% of consumer-lending decisions, according to CEB TowerGroup, a financial-services research firm.
As part of a credit-monitoring service that costs $21.95 per month, Experian offers access to your FICO score. Having access to a real FICO score is important if you are rebuilding your credit, working on getting your score higher or in the market for a major purchase. It’s important to keep an eye on your FICO score to determine what strategies work to improve scores and what actions are not working.
But $21.95 per month is expensive. There is a way to get your Experian FICO score and credit report for just $1.00. Of course there is a string attached. Experian bundles the FICO score with a “7-day trial period” to their credit monitoring service. This seems like a better deal than, for example, the myFICO.com service, which locks you into a minimum 3-month contract for credit monitoring (at $19.95 per month) if you want access to your FICO score.
To pay only $1 for your Experian FICO score you will have to be ALERT and on-top of things. Experian allows you to CANCEL your subscription within the 7-day free trial period, with no charges other than the initial $1. But if you forget to cancel, however, then Experian will begin billing you $21.95 monthly for Experian Credit Tracker. You can sign-up twice a year for the 7-day free trial period.
When consumers know their FICO score, they have a better idea of whether they’re likely to get approved for a mortgage or other loan, as well as whether they might have a chance at getting the lowest interest rates for credit products in general. Even a small difference in a score can mean a higher or lower interest rates which makes a big difference in your bottom line – your money.