Image source: Getty Images
Many banks and apps offer free credit score monitoring. But a credit score alone is just a three-digit number that doesn’t give you much information. If you want to find out why your score is up or down, it’s essential to look up your credit reports. Your credit reports contain the information that your credit scores are based on.
How to get your free credit reports
You’re entitled to a free credit report every year from each of the three major credit bureaus: Equifax, Experian, and Transunion. However, since the beginning of the COVID-19 pandemic, all three credit bureaus have offered consumers free weekly access to credit reports, a service they’ll continue through the end of 2023.
The only website that’s authorized to provide you with the credit reports you’re entitled to is AnnualCreditReport.com. You can request your annual credit reports by doing one of the following:
- Visit AnnualCreditReport.com
- Call 1-877-322-8228
- Complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Even once free weekly credit reports are no longer available, you’re entitled to a free credit report, regardless of how long it’s been since you received one, in the following scenarios:
- You’ve been denied credit, employment, insurance, or another benefit or had unfavorable action taken against you based on information in your credit reports. If this occurs, you’ll receive what’s known as an adverse action notice. You’ll have 60 days to request a free credit report from the bureau that provided the report.
- You’re out of work and plan to begin searching for a job within 60 days.
- You receive public assistance.
- Your report contains inaccurate information due to identity theft or fraud, or your report includes a fraud alert.
What to look for on your credit report
Once you’ve obtained your credit report, it’s essential to verify that all the information is accurate. Here’s what to look for in each section:
- Personal information: Make sure your name is spelled correctly and that your address, phone number, Social Security number, and date of birth are accurate. Also check that your employment history and marital status are accurate and up to date.
- Public records: This section will include records obtained from courts, such as lawsuits, tax liens, bankruptcy, criminal records, and judgments, as well as any accounts that have been sent to collections. Make sure any records listed here actually belong to you and that the statute of limitations hasn’t passed, in which case the bureau must delete the information.
- Credit accounts: This section should include any credit accounts or loans where you’re the primary or joint owner, as well as accounts that list you as an authorized user. Look out for any accounts you don’t recognize, payments that were incorrectly reported as late or missed, and inaccurate balances. Any adverse information in this section should be removed after seven years.
- Inquiries section: The inquiries section contains a list of everyone who accessed your report in the past two years as part of a credit application. Creditors can’t pull your reports without your consent, so look for any hard inquiries you didn’t authorize.
