Did you know you can currently receive yours for free, weekly, from each of the 3 bureaus through April 20th of this year?
Checking your credit report is one of the ways to stay proactive on your journey to financial wellness, yet studies show that 1 in 3 Americans have never looked at theirs. More shockingly, 68% of people who have looked at their credit reports reported finding errors. Furthermore, there is evidence that fraud goes up during uncertain economic times (a Pandemic..maybe?) so best to check your report, particularly with the increased access that is due to expire soon.
Here’s how to do it, why to do it, and what to look for:
THE HOW
Go to AnnualCreditReport.com and click on “Request your free credit reports”. Fill out the form to request up to three copies of your report: one each from Experian, Equifax, and TransUnion. These are the three main credit bureaus that create your credit report; it’s best to check all three since you don’t know which one will be looked at the next time you apply for credit. Answer the security questions to prove that you are you. Submit your request.
THE WHY
Your credit report (as well as your credit score—more on that below) serves as your “report card” to a potential lender. In other words, you ask to borrow money and this report is the first step in determining whether it’s a yes, a no, or a yes/but at what undesirable interest rate.
Previously, you were entitled to one free credit report from each of the three bureaus per year. During Covid, the three bureaus have increased access, at no cost to Americans, on a weekly basis. This offer expires on April 20, 2022.
THE WHAT
Check your report(s) for fraud as well as common credit report errors. These can appear as: new accounts unopened by you, identity errors, inaccurate late payments, and account balance errors.
If you do find anything suspicious on your credit report, you’ll want to report any false findings to each of the three credit bureaus. You will receive notification when your dispute has been reviewed. The inaccurate information should be corrected within 60-90 days. If your dispute is not approved, it will remain on your report until you can provide sufficient evidence.
Final thoughts: your credit report does not give your FICO score (you can find out what your FICO score is for free through some banks and/or credit cards you may already have—inquire there), which is the number assigned to you based on evaluation of everything on your report. Kind of like whether you’re considered an “A Student”, a “B Student”, and so on in the eyes of lenders regarding your “credit worthiness”. And again, this all comes back to what rate you will be given by the lender anytime you attempt to borrow money or purchase something that requires a credit check. Unchecked inaccurate info on your credit report may already be costing you!
Whatever your report says, or your score, it is not a reflection of who you are as a person, and a low score is completely boost-able!
Unlocking Abundance 