Credit scores and free credit reports - what they are and how to check yours

What a credit score is

A credit score is a number, typically between 300 and 850, that estimates how likely you are to repay a loan and make the payments on time, according to the Federal Trade Commission (FTC). The FTC notes that the FICO score is the scoring system most lenders use.

What affects your score

The FTC lists several factors:

• Payment history. Late payments, collections or bankruptcy are likely to lower your score.
• Credit utilization. “If the amount you owe is close to your credit limit, it will probably hurt your score.”
• Length of credit history.
• New credit applications. These appear as “inquiries” on your report.
• The number and types of accounts you have.

Who looks at it

Lenders use credit scores to decide whether to extend credit and at what interest rate. The FTC adds that “Cellphone companies and companies selling auto and home insurance also use credit scores.”

Your score and your report are not the same thing

Your credit reports come from the three national credit reporting agencies: Equifax, Experian and TransUnion. A score is a separate number.

Reports are free. The FTC announced that you now have permanent access to free weekly credit reports from each of the three agencies. The FTC points to AnnualCreditReport.com for them.

Scores are different. “Unlike your free annual credit report, you often have to pay to get your credit score.” Some companies offer free scores as part of paid credit monitoring services, so check for charges before you sign up.

Watch for look-alike sites

The FTC warns: “Other sites may charge you or be fraudulent sites set up to steal your personal information.”

If you find a mistake

The FTC explains how to dispute an error with a credit reporting company:

1. Explain in writing what you think is wrong. Include your complete name and address, each mistake you want fixed and why, and copies, not originals, of documents that support your request.
2. Send it by certified mail with a return receipt for proof of delivery, or dispute online or by phone. Keep records of everything you send.
3. Timing: “However you filed your dispute, the credit bureau has 30 days to investigate it.”

The credit bureaus and the businesses that report to them must correct information that is wrong or incomplete, and “they have to do it for free.” See the FTC’s page, linked below, for the current mailing addresses.

Common questions

How do I get my free credit reports?

Request them from Equifax, Experian and TransUnion through AnnualCreditReport.com. The FTC says you now have permanent access to free weekly reports from each agency.

Do I have to pay for my credit score?

Often, yes. The FTC says that unlike your free credit reports, you often have to pay for your score. Some companies offer free scores through paid credit monitoring, so check for charges first.

What is credit utilization?

It is how much you owe compared with your credit limit. The FTC says that if the amount you owe is close to your credit limit, it will probably hurt your score.

How long does a credit bureau have to investigate a dispute?

The FTC says the credit bureau has 30 days to investigate, however you filed your dispute.

Sources

• FTC: Credit scores - updated September 2024
• FTC: You now have permanent access to free weekly credit reports - published January 4, 2024
• FTC: Disputing errors on your credit reports - updated April 2024

Sources last checked October 17, 2026. This article is general education, not financial, legal or medical advice. Rules, fees and programs change, so confirm details with the organization before you act.