Why Aren't FICO Credit Scores Free?

FICO scores can be incredibly important when you're about to make specific credit transaction, and although scores aren't free, you can always look for myfico promotional code to get easy discount on myFICO's website.

You've probably ran across those "free credit report" jingles before, where the commercial touts free credit report if you sign up for the service, despite the fact that federal law mandates access to credit report without the requirement to sign-up to any service that cost money.

After the Federal Trade Commission ban the practice of advertising "free credit report," the industry and certain companies are shifting to advertising "free credit score" --- despite this claim, many of these credit scores are not "real" credit score. That is, these scores are not real scores formulated by the good folks at Fair Isaac. Thus, they are not real FICO scores, one of the most widely used credit scoring system lenders rely on to decide upon granting credit.

Because Fair Isaac's scoring model is proprietary, they're able to charge a premium for their service to BOTH the consumer and the lenders. In a prime example of supply and demand, Fair Isaac makes a healthy amount of change by charging a premium for their FICO score services.

Having said all that, it is to your advantage to buy a FICO score especially when you need it. For example, prior to applying for an auto loan, home loan, or even a student loan, knowing your FICO score can better prepare you for knowing what type of interest rate you qualify for, instead of believing whatever the loan finance officer tells you!