Consumers are now eligible to access free weekly credit reports through the three national credit reporting agencies: Equifax, Experian, and TransUnion. The weekly credit report program was enacted in 2020 soon after the COVID-19 pandemic began. Since its inception, the program has been extended twice but has now been made permanent.
Checking and understanding your credit report is key. It is a great way to gauge what debt you may carry as well as have a better understanding of how lenders may view your credit profile. Checking your credit may also be necessary as credit reports may sometimes contain mistakes such as accounts and bankruptcies that may not be yours potentially hurting your credit profile. A lower credit score may hurt your chances of approval or result in a higher interest rate. It is crucial to be aware of any such discrepancies.
