Mistakes happen occasionally. But when they appear on your credit report and hurt your credit score, a mistake could make it harder to borrow money for a house, a car, or other purchases, as well as the overall cost of your home.
Credit reports are also used to decide whether you can rent an apartment; or determine the cost of auto and homeowners’ insurance. Lenders, landlords, insurance companies, and some employers rely on credit reports for background research.
So, what should you know about checking your credit report?
Three Major Credit Bureaus
In the U.S., there are three nationwide credit reporting companies—Equifax, Experian, and TransUnion. Each organization collects information on your credit accounts and payment history and assigns a credit score, but their sources and methods vary, and errors can occur.
That’s why reviewing all three credit agencies’ reports is essential. Additionally, checking for mistakes is one of the best ways to spot identity theft.
How to Get Copies
Traditionally, you could only obtain a free copy of your report from each agency once every twelve months. But since the start of the COVID-19 pandemic and continuing through December 2023, all three credit bureaus have allowed free weekly access to online credit reports.
For more information on the accuracy of your credit report visit the Scoop Blog
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