Knowing our credit score can help us make smarter financial decisions and give us an idea about which types of loans we qualify for. There are more than a few ways to check your credit score. But which is the best resource? Here’s what you need to know about staying up to date on your credit score.

Credit Bureaus
TransUnion, Experian, and Equifax are the three major credit bureaus in the United States. They take your data and use different scoring models to calculate your credit report. When lenders and other institutions check your score, they will typically use one of these three credit bureaus to do so. When this happens the credit report is marked as a hard inquiry, meaning it can affect your credit score afterwards.

Free Credit Sources
Free credit sources like Credit Karma are different from credit bureaus in that they do not calculate credit scores themselves. Instead, they get their information from the credit bureaus. Checking your score with a free credit source is considered a soft inquiry and does not impact your credit score.

The Verdict
The difference between the two options comes down to what someone is looking to accomplish. Free credit sources are traditionally used for personal use, whereas most financial institutions will rely on credit bureaus to run credit reports. While credit bureaus are the official way to check a credit score, other free credit sources still give users access to a credit score that is accurate enough to help them stay informed on their payment and credit history.

Sources

• https://www.banks.com/articles/credit/credit-score/experian-vs-credit-karma/
• https://www.creditkarma.com/advice/i/experian-vs-credit-karma