To know your credit score when refinancing, you can request a credit report from one of the three major credit bureaus: Equifax, Experian, or TransUnion. The Fair Credit Reporting Act (FCRA) allows you to obtain a free credit report from each of the credit bureaus once per year. To obtain a free credit report, you can visit AnnualCreditReport.com.
In addition to obtaining a free credit report, many lenders also offer pre-approval or pre-qualification processes for refinancing, which can give you an estimate of the interest rate and loan terms you may be eligible for based on your credit score and other financial factors. These processes typically involve a soft credit inquiry, which does not impact your credit score.
If you want to obtain your actual credit score, you may need to pay a fee to one of the credit bureaus or use a credit monitoring service. Some credit card companies and banks also offer free credit score monitoring services to their customers. It’s important to keep in mind that credit scores can vary depending on the scoring model used, so it’s best to check with the lender to find out which scoring model they use when evaluating loan applications.
