How and When to Check Your Credit Report

How and When to Check Your Credit Report

No matter where you are on your financial journey, it is important to know how and when to check your credit report. Your credit report is a complete collection of your credit history. 

You are entitled to one free credit report from each other major reporting bureaus, Equifax, TransUnion and Experian through every calendar year. This credit report isn’t associated with any of those catchy commercials, it is free and there is no sign up required. You get one report from each of the three credit agencies once every 12 months.

When to Request Your Credit Report

It is important to check your credit report for errors. Each credit nureau could have different information. Accessing all three reports gives you a complete snapshot of the credit history lenders are using to determine how much to lend you. You want to make sure the information is up to date and accurate on all three reports.

In addition to making ure that information is accurate, you should also check yoru credit reports when planning to make major purchaes such as a home or car. Knowing your credit history and score can help in your planning of major purchases.

Understand that you will have access to your credit report, but not your credit score. Accessing your credit score can cost you, but there are many ways to get it for free. My credit union, two of my banks and my Discover card all provide me with free credit scores.  Check with your bank or credit union to see if that is a service they offer before you pay someone.

Reasons to Check Your Credit Today

  1. Planning a major purchase such as a house or car
  2. Before you rent an apartment
  3. To prevent or check for identify fraud
  4. Figure out your total debt

It doesn’t matter if you are a student, recent graduate or nearing retirement, if you want to tackle your money starting today, I want to join you on your journey.

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