Free weekly credit report access available, instead of yearly limit.

As someone who manages the finances of your family, worries about identity theft, and values a good credit score, you'll be interested in the latest updates from The Watchdog. Let's dive into what credit reports and scores really mean, how you can access them, and why staying on top of them is crucial.

I recently tuned in to a town hall on consumerism hosted by the U.S. Consumer Financial Protection Bureau. While most of it was familiar information, I perked up when one speaker mentioned that you can now get a free copy of your credit report every week. This is a significant change from the previous once-a-year free report. How did this come about? Well, the rules were temporarily suspended during the pandemic and have since been kept in place.

But here's where it gets a little confusing. The government-sponsored website, AnnualCreditReport.com, is still using its old name. In reality, it should now be called WeeklyCreditReport.com, but a lot of time and money has been spent promoting the original name. As a result, the website itself is a bit confused. While the home page states that reports can be accessed weekly for free, the outdated language of "every 12 months" can still be found further down the page.

Let's talk about credit reports. Have you ever requested a free copy of yours? It usually arrives via email and can be quite lengthy, detailing every financial account and credit relationship you have. The good news is that, by law, you have the right to correct any inaccuracies you may find. More importantly, you can also catch any unrecognized accounts that could be a result of an error or identity theft.

To start, try going online to the three major credit bureaus: TransUnion, Equifax, and Experian. But be warned, there are many imposter websites out there pretending to be free and trustworthy, like AnnualCreditReport.com. These sites often try to trick you into costly monthly subscriptions. So always be careful and stick with the official government-sponsored website.

Now, let's move on to credit scores. These are different from credit reports but are also crucial in understanding your financial standing. Credit scores are meant to reflect your creditworthiness and how likely you are to pay your bills. Unfortunately, a lot of the information out there directs you to AnnualCreditReport.com for a free score, but I couldn't get that to work. After some research, I found a free site called CreditKarma.com, which proudly states, "Your credit scores should be free. And now they are." I was able to access my TransUnion and Equifax scores using their system, which uses the VantageScore system.

But what about the third score from Experian? Their website offers free scores but tries to push you into a costly monthly subscription. However, I found that I could easily get my score for free on MyFico.com, which uses the FicoScore system. I didn't have to pay a dime, but I did have to fend off some vultures trying to take advantage of consumer confusion.

Here's another important tip from the Identity Theft Resource Center: make sure to use the correct website, AnnualCreditReport.com, not AnnualCreditReport.net or AnualCreditReport.com. One wrong digit can lead you to an imposter site looking to steal your money and personal information. So please be cautious.

One more thing to keep in mind, all three credit bureaus will ask for your Social Security number, either in full or in part. I know it's not ideal to share this information, but it's necessary for them to look up your report.

Now, back to credit reports. As the home page of AnnualCreditReport.com reminds us, "Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application." Plus, regularly checking your reports can help you catch identity theft early on. It's also a good idea to run a report for your minor children under 18.

Speaking of identity theft, here are some warning signs, according to the Consumer Financial Protection Bureau, that you may be a victim: receiving strange calls from lenders, service suppliers, or debt collectors that aren't related to you, a significant drop in your credit score without a clear reason, and sudden cuts in your credit card limits by lenders.

You don't need to check your reports every week, but the more information and data you have, the stronger you'll be in managing your credit. In addition to accessing your reports online, you can also contact the three credit bureaus by mail. Just make sure to include your full name, date of birth, and Social Security number in your letter.

Here's the contact information for each bureau:
Equifax
PO Box 105139
Atlanta, GA 30348
888-378-4329

Experian
PO Box 9701
Allen, TX 75013
888-397-3742

TransUnion
PO Box 2000
Chester, PA 19016
800-916-8800

For any further questions or concerns, you can also reach out to the Identity Theft Resource Center at 888-400-5530 or AnnualCreditReport.com at 877-322-8228.

Remember, staying on top of your credit reports and scores is essential for managing your finances, protecting yourself from identity theft, and achieving your financial goals. So be vigilant and take advantage of your right to access free reports and scores. Good luck!

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