Free Weekly Credit Reports Extended Indefinitely

Checking your credit report is one of those bits of financial housekeeping that's easy to put off. However, it is worth doing regularly -- not least because it means you'll be able to act quickly if there are mistakes. Plus, all kinds of people, from lenders to potential landlords, can use your credit report to form opinions about you.

The good news is that you can now get free copies of your credit reports from all three agencies every week. This was something the bureaus began during the COVID-19 pandemic and have recently extended permanently. It used to be that you could only get one free report from each bureau per year, but it's now much easier to track your financial health.

How to access your free credit reports

There are three major credit bureaus in the U.S.: Equifax, Experian, and TransUnion. Each may have slightly different information about you and your credit history, in part because some lenders don't report to all the agencies at the same time.

You are entitled to one report from each credit bureau each week. Go to AnnualCreditReport.com and fill out the form. You will have to answer some security questions, which could involve you checking your records. You can also call (877) 322-8228 or request your reports by mail.

Be aware that your credit report is different from your credit score. Your report contains the information that gets used to generate your score. There are also ways to get your score for free. For example, some credit cards will give you a free credit score as a perk, though they may not use the same model as your lender.

It's generally wise to avoid other sites that promise free credit reports. The Consumer Financial Protection Bureau says they could try to lure you in with a "free" report and then try to get you to pay for other products further down the line. Or worse, push you to subscribe to a service you then need to cancel.

Why it's worth checking your credit report

Your credit report is a record of how you've handled your finances in the past. It includes accounts you've opened, payments (both made and missed), and any missteps such as accounts that are delinquent or even past bankruptcy filings. The information gets used to generate your credit score -- that magic three-digit number that influences many decisions. A high score can give you access to better terms on loans and credit cards, among other things.

Here are three reasons to make the most of the free weekly reports.

1. You might find a mistake

Around a third of the people who participated in a 2021 study by Consumer Reports found at least one error on their credit reports. In some cases, this was incorrect personal information, such as mistakes with addresses. Other people found errors in their account information. These errors can impact your credit -- for example, an account that's reported as overdue when you're on top of payments.

If you find a mistake: Write to the credit bureau and company that made the error. Include documents to support your case, such as evidence of the payment. Keep copies of your correspondence, and send letters by registered mail so you have a paper trail.

2. You'll know what people will see

Lenders aren't the only people who might use your credit report to make decisions. Potential employers, landlords, insurers, and utility companies might want to see your credit report, too. It's worth knowing what your report says -- especially if you're planning to apply for a mortgage, personal loan, credit card, auto loan, or another form of credit.

If you don't like what you see: If the information in the report is correct, sadly you won't be able to remove it. Negative information such as late payments can stay in your credit history for seven years. However, you can take steps to improve your credit moving forward. Make sure you pay your bills on time, as this is the single biggest factor in calculating your credit score. Check out our guide to building your credit score for other steps you can take.

3. You can pick up fraud or identity theft early

Unfortunately, identity theft was the most common type of fraud reported to the FTC in 2022 with over 1 million cases. Of those, around 440,000 were credit card fraud. Checking your credit report regularly means you'll be able to spot any criminal activity. For example, you might find a fraudulent account that's been opened in your name. The earlier you notice a problem, the less damage criminals can do.

If you discover fraud: Report it to the police and the FTC (IdentityTheft.gov). Ask the credit bureaus to put a freeze or fraud alert on your credit. Dispute the fraudulent information with the lenders and bureaus involved.

Main takeaways

It's great to learn that we can access credit reports for free. Previously, if you wanted more than one report per year from each bureau, you'd have to pay as much as $14.50 to get them. It can be a bit of a hassle to answer the security questions, and you certainly don't need to check every week. But it is worth making regular credit report checks part of your financial routine.