How to Check My Fico Credit Score Report Online Canada Free?
Get My Fico Score Canada: If you have a question ‘How Can I Check My Fico Credit Score for Free?’ then you are at right place. A FICO score is a type of credit score created by the Fair Isaac Corporation. FICO is a Company that specializes in predictive analysis. In order to create a credit score, the company uses information obtained from credit report prepared by Equifax, Experian or TransUnion credit reporting agencies.
FICO credit score is very important to decide your credit line and is used by lenders to predict borrowers’ behavior along with other details; it helps them assess credit risk and predict whether the consumer will be able to pay on time. FICO score also determines whether to extend credit.
The higher the FICO credit score, less is the risk lenders feel. Different lenders follow different standards, but usually, FICO score between 300 to 850 is considered the good one. The score above 760 is considered as the best. A high credit score can be beneficial to you in many ways that include easier getting a loan, rent an apartment, discount on insurance etc.
There are certain factors that contribute to your FICO score. Your payment history comprises 35%, the debt you owe 30%, age of credit history 15%, new credit or inquiries 10% and types of credit 10% towards your credit score. Somehow FICO score doesn’t consider anything that is not covered in your credit report such as employment information, occupation, religion, nationality, age, marital status, residence location etc.
FICO credit score comes in several models. You require specific model based on where you are to apply. This scoring model can also be customized according to client requirement. FICO score calculation formula also gets updated from time to time.
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How to Check your FICO Credit Score for Free
There are multiple sources from which you can get your FICO score. There are various financial institutions that offer FICO credit score for free. Citi bank credit card holders can get their score based on data from Equifax for free. Chase card holders can get access to it based on the credit report from Experian. American Express credit card holders can also get it free based on data from Experian. Huntington Bank and PenFed offers it based on Equifax credit report, whereas WellsFargo offers it based on Experian data. Bank of America and Barclaycard also offers free credit score to its card holders. Some lenders also provide the credit score for free.
There are certain web portals such as www.usa.gov, www.myfico.com, www.cibil.com and much more which provide credit report from one of the three agencies for free, but they do charge some fees to get FICO credit score.
Know your FICO credit score, improve it if needed and get the benefits!
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