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It’s an important move worth making.
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Your credit report is one of those things you probably don’t think to check regularly. Sure, you might give yours a read before you’re about to apply for a large loan, like a mortgage. But otherwise, it’s easy to see why checking your credit report is a task that might easily fall by the wayside.
It shouldn’t, though. Checking your credit report regularly is an important financial move, and right now, you can access a free copy of your credit report on a weekly basis. You can get it at AnnualCreditReport.com.
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That may not always be the case, though. Free weekly credit reporting was a benefit made available to consumers during the pandemic, when instances of fraud increased in the wake of stimulus policies and other emergency aid provisions criminals tried to capitalize on.
In fact, 2023 could be the last year of free weekly credit reports. But even once free weekly reports go away, consumers can still access a free credit report copy once a year from each of the three major credit reporting bureaus — Experian, TransUnion, and Equifax. And here’s why checking your credit report is so essential.
1. You’ll get a snapshot of your borrowing history
Your credit report lists your open credit accounts, from installment loans (like auto and personal loans) to credit cards. Your credit report also shows you your payment history and other important financial details. This is all good information to have, because even if you’re not planning to borrow money anytime soon, you should still know what your financial picture and borrowing history look like.
2. You may be inspired to make positive changes
Your credit report might push you to make changes to the way you borrow that benefit you financially. One thing your credit report should tell you is how much of your available credit you’re using at once. If you see that that number is high, it might inspire you to get on a budget and find ways to spend less and pay off your existing debt,
3. You might get an early fraud warning
Your credit report should list every open credit account in your name. And so if you see an open account you don’t recognize, you’ll know to investigate — and potentially spare yourself a hassle.
For example, let’s say you notice a credit card on your report that doesn’t look familiar to you. You may be able to alert the issuer to the fact that it’s fraudulent before a criminal racks up charges against it — and potentially damages your credit score in the process.
Although checking your credit report may not be part of your existing financial routine, it’s an important thing to do nonetheless. And remember, you don’t actually have to review your credit report on a weekly basis, so don’t panic if free weekly credit reports go away once 2023 wraps up. As long as you make a point to check yours every few months, you’ll be doing your part to keep tabs on your finances and put yourself in a strong position to borrow when you need to.
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