You may not think much about your credit report on a daily basis, unless you are curious about your standing ahead of applying for a loan — or if something goes wrong, like a data breach or case of identity theft. Ideally, though, you should be keeping tabs on this report no matter what, as it is packed with important information about your credit history.
Routinely checking your credit report will help to monitor your credit health, but it is also a critical step if you want to “catch any errors or potential fraud,” said NerdWallet.
How frequently should you review your credit report?
You should check your credit report “once a year at a minimum, but quarterly is preferable,” said Experian, one of the three major credit bureaus that prepares credit reports. That is just for a baseline review — in other scenarios, more frequent checks are warranted.
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For instance, “if you have a credit freeze in place,” you definitely want to consider “checking a credit report from one of the three major credit bureaus once a quarter on a rotating basis,” said NerdWallet. And if you “are planning to apply for new credit,” then “a monthly check” is recommended.
Additionally, it “makes sense to check your credit report more often if you have been the victim of identity theft, have had fraudulent charges on a credit card or have had personal information compromised in a data breach,” said U.S. News & World Report.
What is included in your credit report?
Contrary to what you might expect, your credit report does not contain your credit score. But it does offer a lot of other valuable information in its four sections:
Personal information: This includes your “full name and any alternative names you may have used in past credit applications,” as well as details like your birth date, current and prior addresses, phone numbers and Social Security number, said CNBC Select.
Accounts: This “second section represents the bulk of most reports,” said Investopedia. You will find ”detailed information on your past and present credit accounts,” including each account’s current status and “whether you have kept up with your payments on that account or fallen behind.”
Public records: This section will include any past bankruptcies, legal judgments, liens or foreclosures.
Inquiries: In this section, you will see “all of the entities that have recently asked to see your credit report,” such as lenders and landlords, and when it was last accessed, said Investopedia.
How can you access your credit report?
“Everyone can check their credit reports from the three major bureaus for free, as long as they’re at least 13 years old,” said U.S. News & WorldReport. You can “request a free digital copy of your credit report weekly” from Experian, Equifax or TransUnion.
The easiest way to check your credit report is by visiting AnnualCreditReport.com, which is the “only website that’s federally authorized to provide official reports for free,” said U.S News & World Report. Another option is to visit each of the three credit union’s websites.
