How to get your free credit score

Did you miss this trend? A growing list of credit-card companies and other financial institutions have started providing consumers with their credit scores—for free. Yes, those scores shrouded in secrecy that lenders use to make key decisions about your borrowing fate are now available for no charge from many financial services companies.

Why it’s helpful to know your credit score

The three-digit FICO score is the one most widely used by lenders today, so it’s helpful to you, the borrower, to have access to this valuable information. A score can range between 300 and 850, with higher numbers being more desirable. If you’re applying for a mortgage loan, car loan or credit card, the lender is checking your credit score before he or she decides whether to approve your application and if so, what terms to offer you.

Being able to see your score can provide insight about what to expect from a lender; you’ll know that your 650 may not get you the best interest rates. An accessible score can also help you avoid fraud. Changes to your score not caused by you could indicate that someone has stolen your personal information.

Where to get your score

The Consumer Financial Protection Bureau has been encouraging credit-card companies since 2014 to issue free scores. And a number of companies have responded. American Express, Bank of America, Capital One, CitiBank and Discover are some of the organizations that are providing scores to at least some of their customers.

Check with your bank or credit-card company to see if you’re entitled to a free score. Your lender may also know which financial companies offer this service.

Every step toward transparency in the lending process makes you, the borrower, better aware of your financial health and helps you make more informed decisions.