It is important to note that there are many credit scoring models available to lenders on the market, all of which generate unique consumer scores. Each of the CRCs makes scores available for a fee. If you are interested in obtaining your VantageScore credit score, you can contact the CRCs directly for additional information:
Consumers can obtain a free copy of their credit reports once a year from each of the three national credit reporting companies at annualcreditreport.com or by calling 1-877-322-8228.
Many lenders will use a consumer’s credit report and/or credit score to determine interest rates they will charge when approving consumers for credit. Generally, consumers with a higher credit score will receive better interest rates than those with lower credit scores. The Federal Reserve Board and the Federal Trade Commission want to make sure that consumers know that lenders use this approach to determine the price they charge for credit. So, since 2011, they have required lenders to notify consumers who aren’t offered the best rates and terms available about the lender’s practice of using different pricing levels for different consumers based on credit data if the consumer did not receive the lender’s best rates and terms. In lieu of this notification, the regulation states that lenders can provide all consumers who are approved for credit with a free copy of whichever credit score the lender used to make their pricing decision.