How Often Should You Get A Credit Report?
Your credit report contains vital information, but how often should you check your credit? We'll answer that question, explain what you can learn from your credit report, when to check your report, where to get copies, and how to improve your score if you don't like what you see!
What your credit report can tell you
Your credit report summarizes how you manage credit, including the number and types of accounts you have, your payment history, and account balances. Your report also contains public records, including liens, judgments, and bankruptcies. Credit bureaus compile this information; the three major ones are Experian, TransUnion, and Equifax.
Each time you apply for credit, a loan, or an apartment, the potential creditor will pull a copy of your credit report. Your credit report and score are used to determine if you are a good or poor risk to lend money or rent an apartment.
Your credit report can also help you spot identity theft or fraud. You can see accounts opened under your name, including things like credit cards and mortgages.
When to check your credit report
It's wise to know what potential lenders will see when you're thinking about making a big financial move, like borrowing money for a vehicle, a home, or to start a business. Your credit report and score help determine which financial products and interest rates you'll be offered.
The better your credit, the better products you'll have access to, and the lower your interest rates will be. This is important. Interest rates are the cost of borrowing money, so the lower your rates, the more money you will save.
Your credit report can contain errors, which can reduce the chances of being approved for credit, loans, and apartments or increase your interest rates. If you find errors, you can dispute them, which can help improve your credit score.
If you suspect or know you've been a victim of identity theft or fraud, it's essential to check and continue to monitor your credit report. The sooner you spot and report fraud, the less hassle and money it will cost you. You should also consider a credit freeze.
If neither of those situations applies to you, it's still a good idea to check your credit report once or twice a year to ensure all the information is correct and there are no suspicious accounts.
Where to get your credit report
You can get one free copy of your credit report from each of the three major credit bureaus once a year at annualcreditreport.com. Because each report can have different information, it's a good idea to check each one.
Because your credit report is frequently updated, a good strategy is to get a copy from a different bureau every four months.
Improve your credit with Upwardli
Even if all of the information on your credit report is correct and you're still not happy with your score, there are ways to improve it or to build a score if you're new to the US or new to credit, and Upwardli can help!
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