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"Credit Boost Chronicles"
Weekly Newsletter: "Credit Boost Chronicles"
Welcome to this week’s edition of Credit Boost Chronicles, where we answer your burning questions and demystify the world of credit. Today, we’re diving into a client’s question about why she had to pay $0.99 for her credit score from TransUnion—and what you need to know about free credit reports versus paid credit scores. Let’s clear up the confusion!
Are You Entitled to a Free Credit Report?
The good news is YES, you’re entitled to a free credit report every year from each of the three major credit bureaus—TransUnion, Equifax, and Experian. Federal law guarantees this right under the Fair Credit Reporting Act (FCRA), and you can access these reports at AnnualCreditReport.com, the only authorized website for this purpose.
But here’s an important caveat: A free credit report does not include your credit score. A credit report shows your financial history, including open accounts, payment records, and any negative marks like collections or late payments. However, if you want to see your actual credit score—the three-digit number lenders use to assess your creditworthiness—you’ll typically need to pay extra.
Why Did the Client Pay $0.99 for Her Credit Score?
Our client accessed her free annual TransUnion credit report but was surprised to find that her credit score wasn’t included. This is standard practice across all bureaus—credit scores are considered separate products and aren’t part of the free annual report. TransUnion offers an option to purchase a one-time VantageScore® 3.0 for $0.99 when you request your report.
Here’s why this happens:
Credit Scores Are Not Free: While federal law mandates free reports, it doesn’t require bureaus to provide scores for free.
Different Scoring Models: TransUnion uses VantageScore® 3.0 (it's the same as credit karma) for these purchases, which may differ from FICO scores commonly used by lenders.
Profit Motive: As private companies, bureaus charge fees for additional services like scores or monitoring subscriptions.
Pro Tip: If you’re looking for a FICO score (the model most lenders rely on), consider using platforms like myFICO.com instead of purchasing a VantageScore from TransUnion.
What About Weekly Free Reports?
Here’s an exciting update: Since 2020, the three major bureaus have permanently extended their program allowing consumers to check their credit reports weekly—for free—via AnnualCreditReport.com. This is particularly helpful for tracking changes or catching errors in real-time. However, just like the annual reports, these weekly reports do not include your credit score unless you pay extra.
Micah Abigail’s CEO Wisdom
“Your free annual credit report is an invaluable tool for monitoring your financial health—but it’s only half the story. If you want to see the full picture, including your score, make sure you know what you’re paying for—and whether it’s the right scoring model for your needs.”
Quick Tips for Success
Know Your Rights: You’re entitled to one free report per year from each bureau—and now weekly reports as well.
Understand What You’re Paying For: Free reports don’t include scores; if you need one, research whether it’s a FICO score or VantageScore before purchasing.
Use Trusted Platforms: Stick with AnnualCreditReport.com for free reports and myFICO.com for accurate FICO scores.
Monitor Regularly: Weekly reports are a great way to stay on top of changes without additional costs.
Engage With Us!
Have questions about credit reports or scores? Confused about what’s included in “free” offers? Send us your questions—we’d love to feature them in next week’s newsletter!
Until next time, remember: knowledge is power when it comes to your financial journey!
Warm regards,
Your team @Micah Abigail!
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