Unlike your credit report, you cannot check your credit score for free annually. However, there are still ways to check your credit score.

AnnualCreditReport provides free credit reports once a year to anybody who requests his report. However, it still does not provide your credit score for free.

Credit report vs. credit score

A credit report and a credit score are two different things, even though people often use them interchangeably. A credit report is a statement essentially documenting all your credit expenditures, payments, how you have paid them, or have not paid them. A credit score is a three-digit number which summarizes your credit report, making it easier for those who need a quick review of your credit standing.

Credit Score Importance

It is important to keep good records and request your free credit report annually in order for you to keep track of any errors or discrepancies which may appear. However, it is just as important to know what your credit score is, especially if you are planning on applying for something which requires credit. Many times lenders only look at your credit score and maybe a quick rundown of your current income or payment history. Consequently, being able to check your credit score before you go applying for additional credit is very helpful.

A good credit score is about 720 and above, with perfect being 850. If you find when you check your credit score that it lies in that range, you can rest assured receiving a loan or getting a credit card will be simple. However, if your credit score sits in the 600s, a low range, it would be wise to work on getting your credit score up before applying. Otherwise, you could have a harder time finding a lender, or face high interest rates.

• How to check your credit score

The FICO score system, created by Fair Isaac Corporation in conjunction with the three major credit agencies (Equifax, TransUnion, and Experian), is the most commonly used credit score. You can check your credit score at myFICO for a fee.

Or you can request your credit score each from TransUnion, Experian, and Equifax. Even though AnnualCreditReport does not supply your credit score, after you have requested your credit report, they will send you to each of the credit agencies websites to ask if you would like your credit score from them.

Other websites claim to give you your credit score—even for free—, but be cautious of these sites. It usually involves a free trial, which turns in a monthly bill once your trial expires. If you choose to get your credit score that way, be sure to cancel your trial before the end date.

Some banks and credit unions across the United States will give you your credit score, though not many are currently doing so. It is worth a phone call to find out, though.

Another way to check your credit score is to take out a loan or apply for credit. In doing so, you will receive your credit score. However, it rather defeats the purpose of knowing if you are ready to apply for a loan if you have to apply for one to check your credit score.