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Why is your credit score such a big secret?*

I can't understand why it is so hard for someone to find out their credit score. Sure you can get a free credit report once a year but that doesn't include your credit score. If you want to find out your credit score you have to pay for it. I was previously in the car sales business and when we pulled a person's credit we were told not to let them know their score. That's the most ridiculous thing I have ever seen. Your credit score is something that belongs to you so why is it kept from you? I think a person should have easy everyday access to their credit score after all what would it hurt? It may even be a good thing for business for everyone to know their score because after all if people knew their credit score perhaps they would be more willing to shop for a major purchase such as a vehicle. Edit... vitavetavegamin sorry to say you are wrong. That site does NOT allow you to access your score only your credit report. da_hal is absolutely right. Edit... Faith+1 I'm sorry to say you are wrong also. I was in the credit business so I happen to know the facts. The facts are that the only way a person can get their score is to pay for it and it's isn't the lender that denies you credit that must give you your report once you are denied credit it is the credit bureau such as Equifax, Experian or Transunion. Edit... Whoo Hoo what in the world do you mean by that???

Answers:

1) You can check your score for free once a year, it's the law. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm It works, just follow directions, click and read thoroughly until you see a numerical score for your credit.

2) Sorry to do this, but the poster above has the incorrect information. The law does NOT state you can get a free credit rating every year. It says you can get a free _credit report._ Credit ratings aren't free. Credit reports are.

3) its part of your social sercurity

4) your credit score is a method for banks to assess the risk of a purchaser you are to them to ensure they have a solid investment by loaning you money. Every credit reporting bureau will give you your report for free once a year. There are three agencies - Equifax, Experian, TransUnion. The free version takes longer than the pay versions but this is the price you pay for "speed." Additionally if you ever try to get credit and you are denied the institution denying your credit is obligated to give you a credit report upon request. ***The above information is not incorrect as I edited the info to state REPORT not SCORE.**** Additionally if you are denied credit from a company it is your right to get the REPORT for free - exerpt from the FTC "A: Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a consumer reporting company may charge you up to $10.50 for another copy of your report within a 12-month period."

5) i think everyone missed his issue, why is it a secret? getting it once a year we know about that and where to go as we write questions daily. but no one dared to address his real concern, he is right if i know my credit sucks, then i may be incline to be more cautious or responsible. others think their score is good when in fact its not good. we need to have a movement access to score 8-10 times a year. we want our scores, we want our scores, we want our scores! when do we want them NOW when do we want them NOW

6) I don't know why the auto industry is like that, but if you apply for a home loan and are denied, the agent will usually show you your scores. Not sure if they're supposed to but I have seen that done. Also, you can go to www.freecreditreport.com, sign up credit card info and all, you'll get you score and report under the 7-day free trial. If you don't like the credit monitoring service you can cancel. Now, to the essence of your question. The credit industry is out to make money, they technically don't count scores as belonging to the individual, but THEIR property, because FICO has some top secret (usually inaccurate) formula which is supposed assess many risk factors. Also, do not forget, it is an industry out to make money. I personally don't believe in the credit system, it is meant to discriminate and secure the socio-economic status quo. Take for example the rife inequity over the past couple months.

7) they base their interest rates on your score. if you know your score you can shop for a better deal. the lower your score the higher the interest and principal payments will be. figure it out. if you pay more interest then what the principal was they made a profit. even if you default on it after paying interest all those years they lose nothing. low score =high interest. you default they claim a loss on their taxes and send your debt to collections. the only loser is the debtor.

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