How to get free credit reports every week—not just once a year
You can now get free credit reports pretty much whenever you need one, not just once a year.
The three national credit reporting bureaus — Equifax, Experian and TransUnion — will permanently allow you to request a credit report from each agency once a week for free, the Federal Trade Commission announced Friday.
Americans were already legally entitled to one free credit report per year from each of the three credit reporting agencies, the FTC says.
However, in response to the Covid-19 pandemic, the three agencies announced in 2020 that free reports would be made available every week. After two extensions through 2023, that change is now permanent. To request your free weekly credit reports, go to AnnualCreditReport.com.
Credit reports are also offered by private companies for about $10 to $40 per month. These paid reports are typically bundled with additional services, like identity theft insurance, fraud alerts or dark web monitoring. While some people might like the enhanced security, others might think of them as bells and whistles that aren’t worth the monthly cost.
Note that many major banks, credit card companies and credit monitoring services offer free credit scores, but those aren’t the same thing as detailed credit report.
Your credit report is a detailed record of your credit history. It lists your personal information, your credit accounts and your payment history.
All of this information is used to calculate your credit score, which is what lenders use to determine whether you qualify for a loan. A higher credit score can help you secure you lower rates on loans and credit cars.
Unfortunately, mistakes are common in credit reports, some of which can negatively impact your credit score, such as incorrect entries for late payments on a loan.
Another concern is identity theft, which is when someone uses your personal information, Social Security number or bank account information to commit fraud.
By checking your credit report at least once a year — as recommended by the Consumer Financial Protection Bureau — you can uncover mistakes or possible fraud that might be hurting your credit score.
If you uncover mistakes, you can dispute them with the relevant credit bureau directly. If you think you’re the victim of identity theft, you can report it online IdentityTheft.gov. You can also report identity theft with the three major bureaus and request a credit freeze until the matter is resolved.
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