What is a credit report?

A credit report is a detailed record of your credit history. Your credit report could be considered your “Financial Transcript.” Maintained by credit reporting agencies or credit bureaus, it details your borrowing and repayment activities. The three main credit bureaus are Transunion, Experian, and Equifax. Individuals are entitled to one free credit report from each bureau annually, totaling up to three reports per year. It’s advisable to stagger requests every four months to maintain consistent oversight and safeguard against fraudulent activity or inaccuracies.
 

How do I request my credit report?

To review your credit report, you can go to www.annualcreditreport.com/action and request your free credit report(s). After clicking the button “request your credit reports”, you will need to fill out a quick form including information like your name, birthday, address, and social security number, then select which of the credit bureaus you would like to get your report from. You may be asked to verify your identity by sending a code to your phone number or email address. Once your identity is verified, you will be able to review your credit report. You can also print the report to file or save for later. If you see any discrepancies, you should report them to the credit bureau.
 

Why is it important to check your report?

Checking your credit report regularly is important for several reasons:

1. Detecting Errors - Errors on your credit report can negatively impact your credit score and your ability to access credit. By reviewing your credit report regularly, you can identify and dispute any inaccuracies, such as incorrect personal information, accounts that don’t belong to you or accounts incorrectly reported as delinquent.
2. Guarding Against Fraud – Monitoring your credit report can help detect signs of identity theft or fraudulent activity. Unexpected accounts or inquiries may be signs that someone has fraudulently used your personal information.
3. Maintaining Financial Health – Your credit report provides a snapshot of your financial health. Regularly reviewing allows you to see your credit utilization, payment history and overall creditworthiness. It can also help when applying for a loan, mortgage or credit card so that you are able to ensure it accurately reflects your financial history and proactively take steps to address any issues affecting your eligibility or interest rate.