As consumers are becoming increasingly more knowledgeable about their own finances, the topic of credit scores and credit ratings frequently comes up in discussion. In today’s credit-driven society, it’s arguable that nothing is more important than your credit rating – this three digit number is supposed to be a numerical representation of how credit worthy you are to prospective creditors and lenders. A simple 3 digit number that can have significant financial implications.

A terrible credit rating can cause you to become a white elephant to creditors and lenders. If you’re looking to borrow, the odds of you even being considered for a loan are slim to none. If by chance the lender does extend you credit, rates will often be at obscene rates. For instance, a mortgage loan for a person with excellent credit might be something like 5.25% for 25 years. That same loan for a person with poor credit can carry a rate of 7.25% or more! Over the course of 25 years and several hundred thousand dollars, that can amount to tens of thousands of dollars of additional interest. Credit cards are no different. A person with excellent credit can hold rates of under 5%, whereas cardholders with terrible credit can be charged interest in excess of 30%!

Consumers shouldn’t feel helpless, however. By obtaining a copy of your credit report and score, you can see the same information that potential lenders will see. Thus, you can repair any inaccuracies that may be present, or look for areas in which you can improve your credit score. But just how do you obtain your credit score?

There are several places out there where the consumer can get their credit score, but before we get onto that information you should know that there are two types of scores: FICO scores, and FAKO scores (as they are known. FICO scores are trademarked by the Fair Isaac corporation, and are a result of patented algorithms that are a direct result of information provided to them by the major credit reporting agencies. If your score does not come from the Fair Isaac corporation, it’s a FAKO score.

FAKO scores can be provided by just about anyone. Don’t think that only less-than-reputable companies provide FAKO scores, the score that you receive from any third-party credit reporting service is a FAKO score. These hold no real weight amongst lenders, but rather are supposed to give you an idea of where you stand. If you are serious about your credit, you should only be looking at your FICO score.

However, getting a copy of your FICO score shouldn’t cost you an arm and a leg. Here are several ways of getting free or low cost FICO scores.

1. Washington Mutual ESPN Credit Card – Washington Mutual bank cards currently offer free scores for cardholders from the TransUnion credit reporting agency. Scores are automatically updated every month and displayed online. The card also offers a 0% APR on both balance transfers and purchases, as well as no balance transfer fee – a great deal. This is not a real FICO score and should only be used to estimate where you are, and will vary slightly from your real FICO score.

2. MyFICO Score Watch – MyFico is a genuine Fair Isaac company, so the FICO scores you receive here are the free thing. Sign up for the free trial and you can get your credit score free for 30 days. Just remember to cancel at the end of the trial period. If you don’t, it’s going to be an $89.85 lesson!

3. Equifax Credit Watch Gold – Once again, no legit FICO score here. You’ll only get the FICO score from Equifax. However, you will get your credit report from all three agencies, as well as unlimited access to Equifax reports. Like the MyFICO Score Watch, remember to cancel at the end of the trial period.

4. TransUnion CS 3-in-1 Credit Report – Exactly like Equifax Credit Watch Gold, except for TransUnion reports. The Equifax service is a bit cheaper though.

5. MyFICO – There are several other options for obtaining your legitimate MyFICO credit score from MyFICO.com. The options vary in price, but you should expect to pay a small fee for each credit report and another fee to obtain your credit score, should you choose to go the a-la-carte route. You can pick up your report from all three agencies as well as your credit score for $49.95, or you can subscribe to the monthly service above.

It’s not all roses in the credit reporting world. There are several companies out there who are only out there to get your hard earned dollar, so avoid them at all costs. Here’s the short list:

1. FreeCreditReport.Com – Ever wonder how they can afford to have so many god-awful ads that seem to play all the time? Well it’s obviously not by providing free credit reports! The way the site works is it forces you to sign up for lengthy (and expensive) trials and subscriptions to other sites, and then gives you your free credit report. Of course, you can already obtain your credit report for free, so why sign up for the crap? Avoid at all costs!

2. Any one of the three credit bureaus – You will never get a true FICO score here, so why pay for them? Use them for free or low cost trials only, and to request your free credit reports.

Getting a hold of your credit score is the fastest way to improve your financial standing. The entire system was designed to protect consumers, so it logic would dictate that it shouldn’t be that expensive to obtain your credit score, and it isn’t. You just need to know where to look.