Equifax, TransUnion, and Experian, the three major credit agencies, have announced that free weekly credit reports (opens in a new tab) will be available until 2023. This is a win for those who are concerned about their credit history, because they wont have to return to checking their credit reports for free only once a year. The Fair Credit Reporting Act requires that one credit report a year be free of charge, with additional reports costing a fee.
However, credit agencies have decided to make credit reports for free weekly, and they have recently decided to keep these free weekly reports until next year.
Checking your credit report
In 2021, 34 percent of Americans died of credit issues (opens in a new tab) and this could cause you to be wrongfully denied a line of credit. Consumers will be able to stay on the lookout for any errors and address them when they arise.
Achieved regular monitoring of your credit reports, you''ll be able to see what areas of your credit are considered negative or positive, and how you''re making your credit impact directly. This will also aid in better managing your credit and boost your overall credit score.
AnnualCreditReport.com can be reached by following the steps below, which opens in a new tab.
1. Provide information.
You''ll be asked to enter your personal information, including your full name, Social Security number, and address. From there, you''ll be sent a confirmation code, either via email or text, that will be required to verify your identity.
2. Select the credit reports you want.
Afterwards, you''ll be able to select which credit reports you desire (Equifax, Experian, or Transunion) whether or not it''s only one or all.
3. Review your report.
You''ll be able to access your credit reports once the above steps have finished. Your credit report is divided into sections, in which you''ll be able to see your personal information, various credit lines, such as mortgages and credit cards, any missed payments, public records, and difficult or soft inquiries on your account.
4. Correct errors
If there are discrepancies on your account, your next strategy of action will be to file a dispute. It is important to keep your overall credit in good standing.
Why it''''s important
Because of many reasons, it''s important to be aware of your credit report or if errors on your report have occurred.
One thing you need to know about your credit report is what you''re able to borrow. Lenders will decide whether to approve loan applications based on the information you provided in your credit report, therefore it''s important to make sure everything is in good condition or otherwise you may be denied.
You''ll also be able to detect any fraud or theft on your account when you apply for a line of credit. It''s how they determine interest rates if you have approved, so having a good credit score is essential if you want to save money on your next credit card. This may result in significant adjustments in your credit report, making decisions.
Overall, it''s good to check your credit report regularly, especially since it''s now free to do every week for the future.