Key Takeaways:
- Your credit score is a 3-digit number that reflects how responsibly you manage credit and repay debt.
- You can check your score through credit bureaus, credit card companies, banks, and online tools.
- Many services, including TransUnion, offer free access to your credit score.
- Checking your own score is a soft inquiry, meaning it won’t hurt your credit.
- Credit scores can update often — multiple times a month depending on how many active accounts you have.
- You can monitor both your credit score and credit report to stay on top of your credit health.
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Your credit history can have a big impact on your life. It affects whether you can get approved for loans, credit cards, apartments, and utilities like a mobile phone service. One of the most important parts of your credit history is yourcredit score — a number that shows how well you manage borrowed money.
That’s why it’s important to check your credit report regularly and know your credit score. Yet, a recent TransUnion study revealed that about 1 out 10 adult American consumers (12%) don’t know their current credit score.
Read below to learn what a credit score is, how it’s calculated, why it matters, and how to check it using different platforms — including TransUnion’s free credit monitoring.
What is a credit score?
Your credit score is a three-digit number — typically ranging from 300 to 850 — that is meant to reflect your creditworthiness, or indicate the level of risk you could pose to a lender when borrowing money. It gives a quick snapshot of your credit health and your track record of paying bills. In other words, it measures your potential risk when borrowing money and how likely you are to repay on time and in full.
What goes into a credit score?
Understanding your credit score is key to managing your financial health. When getting your credit score, note that several credit score factors impact the number.
Below is a breakdown of VantageScore ® 3.0 model scoring factors:
Credit Score Factors
Here are the factors that make up a VantageScore® 3.0 credit score and their relative impact:
- Payment history
- Credit usage
- Credit depth
- Recent credit
| Factor | Weight | What It Means |
|---|---|---|
| Payment History | 40% | Reflects whether you’ve paid your bills on time |
| Credit Usage | 34% | Measures how much of your available credit you’re using |
| Credit Depth | 21% | Shows how long you’ve had credit and the variety of accounts |
| Recent Credit | 5% | Tracks recent applications for new credit accounts |
Pro Tip:
To build or maintain healthy credit, pay bills on time—this is the most important part. Keep your credit card balances low, ideally using less than 30% of your available credit. Avoid opening too many new accounts at once.
Why does a credit score matter?
Your credit scores can have a significant impact on your financial decisions. Most lenders use them during your application process to determine your approval and terms for credit cards and other loans. Maintaining a good credit score will help ensure lenders deem you a lower risk.
Your credit scores may affect, among other things:
- Loan approvals – strong credit can improve your chances of being approved for financing.
- Interest rates – with lower scores often resulting in higher rates.
- Credit card limits – determining how much credit you are offered.
- Rental application – impacting your ability to rent an apartment.
- Other financial opportunities - such as insurance premiums, mobile phone plans, employment screenings, and access to certain financial products or services.
Note that lenders may use many different types of credit scores and other factors to make lending decisions.
Pro Tip:
Even your car insurance rate can be influenced by your credit score if your insurer is using a credit-based score. That’s why it’s important to know your score and keep it healthy.
Why do credit scores differ?
You might notice that you have different credit scores when you check across different providers. While it may be confusing to see different scores across platforms, this variation is normal and usually not a cause for concern. Below are some reasons for score differences.
Varying information received by credit bureaus
One major reason for differing scores is that each of the three major credit reporting agencies — TransUnion®, Equifax® and Experian® — may receive different information from lenders. Not all lenders report to all three agencies, so the data in each report can vary.
Different scoring models
Additionally, there are multiple credit score models, such as FICO® and VantageScore®, each with its own method of weighing different factors like payment history, credit utilization and account age. Even within the same model, scores can differ based on when the score was calculated, as credit reports are updated frequently.
Lender-specific scores
Lenders may use different scores than the ones consumers see. For instance, a score viewed on a credit monitoring app might differ from the one a lender uses for a loan decision, even if both are based on the same model. This is because a lender may choose to weigh variables differently for a loan decision.
Timing of updates
It’s also possible for your credit score to change depending on the day. Credit scores can update multiple times a month, and lenders don’t always provide updates on the same day.
Pro Tip:
Seeing a small credit score difference can be normal. But if you see a large disparity in credit scores, check your credit report to look for any major differences. Learn more about disputing any inaccuracies on your TransUnion credit report.
How do you check your credit score?
You can check your credit score through many online platforms and resources, several of which also provide it for free.
5 Ways to Check Your Credit Score
Through credit bureaus
Using online credit services
Through financial institutions
Via credit card issuers
With credit counselors
Credit bureaus
You can access your score from any of the three nationwide credit bureaus. Each of the bureaus offers consumers access to their scores, sometimes through subscription-based products and services.
Pro Tip:
Checking your own score does not hurt your score because it is considered a soft inquiry
Online credit services
You can also sign up with online platforms and tools such as Credit Karma and Credit Sesame. Many of these subscriptions provide access to your credit score for free, as well as other financial information and resources.
Financial institutions
Some banks and credit unions offer credit service programs to their customers that include credit score access. Consider checking with your financial institution’s customer service to see if it’s available.
Credit card companies
Many major credit card companies offer free access to credit scores as a special perk for their customers. You may find it on your monthly statement or your online account.
Credit counselors
According to the CFPB, some nonprofit counselors may be able to provide credit scores and reports for clients.
How to get your credit report?
Your credit report is a detailed record of your credit history. Your score is based on this report. To build or maintain healthy credit, it’s important to know what’s in your credit report. Your credit report shows your financial history — like loans, credit cards, and payment records — and it’s what lenders use to help decide if they’ll approve you for credit.
Some ways to get your report
- Visit AnnualCreditReport.com
This is the site where you can get a free credit report every week from each of the three major credit bureaus: TransUnion, Equifax® and Experian®. - Sign Up for a Free TransUnion Service Center Account
You can create a free account at the TransUnion Service Center. With this account, you can view yourTransUnion credit report every dayfor free. You’ll also get tools to manage disputes, fraud alerts and credit freezes. You can also buy a $0.99 (plus tax where applicable) credit score (VantageScore® 3.0) and view it daily for up to 30 days. - Use TransUnion’s Free Credit Monitoring
This option gives you daily updates to your TransUnion credit report. Plus, you get a free VantageScore® 3.0 credit score based on your TransUnion credit report, with daily updates available. It also includes alerts for critical TransUnion report and score changes, credit score factor insights, and personalized credit card offers— all for free.
Pro Tip:
Your credit score is different from your credit report; your credit score is based on the information in your credit report You will not find your credit score on your report.
Why is it important to check your credit report?
Checking your credit report regularly is one of the smartest things you can do for your financial health. It helps you make sure all the information listed — like your name, accounts, and payment history — is accurate. Even small mistakes can hurt your credit score and make it harder to get approved for credit.
If you see something that doesn’t look right, like an account you didn’t open or a late payment you know you made on time, you can start by contacting the creditor directly to resolve any potential inaccuracies. If the issue remains unresolved, you can file a dispute with credit reporting agencies using their free online service and optionally include supporting documents. For example, if you find inaccuracies on your TransUnion credit report, you can submit a dispute with TransUnion.
Also, keep an eye out for unfamiliar credit checks or inquiries. These could be signs that someone is trying to use your identity without your permission.
Your path to financial wellness
Monitor your credit for free with TransUnion
Your credit score plays a key role in your financial life—from qualifying for loans to finding new credit cards. That’s why understanding and keeping tabs on your credit is important.
Fortunately, there are many ways that you can monitor your credit — through your bank, credit card company, or trusted services. With TransUnion’s free credit monitoring, you get more than just your score. You get a convenient financial tool, with many features, that helps you stay informed about your credit. All without paying a dime.
What you get – all 100% free
- Check your VantageScore® 3.0 credit score based on your TransUnion Credit report with daily updates available.
- Access to your TransUnion credit report, daily updates available, so you know where you stand.
- Receive alerts about critical score and report changes.
- See credit offers you’re likely to qualify for based on your TransUnion credit profile.
- Insights about what affects your score, what to work on, and where your score could go.
You can also use the mobile app (iOS and Android) to check your credit anytime, anywhere. You don’t need a credit card to sign up, and it won’t hurt your score to check it.
Frequently asked questions - How to check my credit score?
Knowing your credit score is a great start, but it’s not the whole picture. Even if your score looks good, it’s important to review your credit report periodically to make sure all the information is correct and up to date. If you spot inaccurate information, you can dispute it.
Credit scores can fluctuate for many reasons, often tied to updates in your report. Because lenders send report updates to credit bureaus at different times, your score can reflect newly added or removed information on your credit report throughout the month.
More broadly, a credit score can drop due to major factors that impact your credit score like missed payments, high credit utilization, reduced credit limits, or applying for new credit. Other causes include closing accounts, paying off loans, or fraudulent activity. More severe events like declaring bankruptcy have long-lasting negative effects.
A small downward score change is likely not a cause for concern.
Credit reporting agencies do not use information like income, education level, race, gender, religion or marital status. Those types of identity factors do not affect your credit score. Also, soft inquiries like checking your own credit do not impact your score.
No, your credit report contains information about your credit history — such as accounts, payment behavior, and inquiries — but it does not automatically include your credit score. Credit scores are calculated separately using the data in your report and are only included if you specifically request them or use a service that provides them.
There are a few reasons you may not have a credit score that include:
- Your credit report does not include any accounts.
- Your report hasn’t had any updates or inquiries in the past 24 months.
- The only accounts on your credit file are authorized-user and collections accounts, which may not be enough to generate a score
- You’re younger than 16 years old.
