Millions of Americans have been financially affected by the coronavirus. Unemployment rates are also off the charts and with the government sending out checks to people, scammers are looking to take advantage of the situation by stealing credit card, bank account, and social security information. To help Americans keep track of their credit scores, the three national credit reporting agencies – Equifax, Experian, and TransUnion – are letting people examine their credit report once a week for a year for free.
To receive your free weekly credit score, you’ll have to visit AnnualCreditReport.com and request your free credit reports. You’ll receive free weekly online reports until April 2021. The website reads, “During these times of COVID-19, accessing your credit is important. That’s why Equifax, Experian, and TransUnion are now offering free weekly online reports through April 2021.”
Normally, the three credit report agencies only provide people with one report per year, so this is an incredible offer. For the individuals that take advantage of the offer, it will definitely help them keep a close eye on their credit report. The companies’ CEO provided a joint statement, stating, “To help play our part and reduce some of that anxiety, we are uniting as an industry to help people know the facts about their financial data. We are making credit reports more accessible more often so people can better manage their finances and take necessary steps to protect their credit standing.”
A credit report is an extensive piece of information. In it, you’ll find open accounts, payment history, inquiries from credit applications, and outstanding payments. If something stands out as being unusual, it’s worth exploring, as it could be a sign of criminal activity. Beyond checking for hackers or thieves, checking your credit report is important right now, as errors with payments are bound to happen with everything that’s going on with the coronavirus pandemic.
We can’t remember the last time the three credit reporting agencies came together to offer individuals with a service like this. For car buyers, being able to see your credit report is a great way to get an idea of what auto lenders and financial departments see when you go into the lending office for financing. Financing departments use credit reports to determine whether an applicant is eligible for loans. So, if you’re able to check your credit report more than once a year, especially for mistakes, it’s another way of ensuring that you’ll receive a competitive rate before signing on the dotted line.
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