Checking your credit report is a vital part of maintaining solid financial footing. That’s why it’s such big news that the three credit bureaus have announced that you can now check your report once per week for free. Here’s what you need to know.
What’s in a Credit Report?
Your credit report contains information about all of your credit accounts. It has payment histories, balances, credit limits, and credit inquiries. It also contains personal info, like your name, address, Social Security number, and past and present employers.
Why Checking a Report is Important
It’s important to check your credit reports because they can contain incorrect information. If there is an erroneous late payment listed on an account, that can tank your credit score. A low credit score can prevent you from securing good rates on loans and credit cards. You should also be checking your report for anything that seems like identity theft. If a scammer took out a loan in your name, you’ll be able to spot it and report it immediately.
Behind the Change
Before the pandemic, the three credit bureaus only allowed you to view your credit report once per year for free. They changed that policy during the pandemic and now have opted to keep a once-weekly check in place permanently. The hope is that if you can check your report more often, your credit will improve. Take this change as an opportunity to check your report at least once per month. You’ll be glad you did.
Do One Thing: Go to annualcreditreport.com and pull each of your credit reports — one from Equifax, one from Experian, and one from TransUnion. Go through them to make sure that nothing is out of line.