2023 Could Be The Last Year Of Weekly Credit Reports. Here are 3 Reasons to Move Your Leaf Together

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This is an important step that needs to be taken.

Important point

  • Credit reports are free every week, but that may not always be the case.
  • Checking your credit report can help you make smarter financial decisions and help you avoid falling prey to fraud.

Your credit report is one of those things you might not think to check regularly. Sure, you can submit your reading before applying for a large loan, like a mortgage. Otherwise, it’s easy to see why checking your credit report is a task that can easily fall by the wayside.

It shouldn’t, though. Regularly checking your credit report is a very important financial step, and right now, you can get a free copy of your credit report every week. You can find it at AnnualCreditReport.com.

That may not always happen. Free weekly credit reports were a benefit available to consumers during the pandemic, when rates of fraud increased. not because of incentives and other emergency aid that criminals tried to finance.

In fact, 2023 could be the last year of free weekly reports. But even with one free weekly report, consumers can still get one copy of their credit report a year from each of the three. credit reporting agency — Experian, TransUnion, and Equifax. And this is why checking your credit report is so important.

1. You get a picture of your loan statement

Your credit report lists your open credit information, from payday loans (such as car and personal loan) to credit cards. Your credit report also shows you your payment history and other important financial information. This is all good information to have, because even if you are not planning to borrow money anytime soon, you still need to know how your financial picture and accounts are. loan history

2. You may be inspired to make positive changes

Your credit report may prompt you to make changes in the way you borrow to benefit yourself financially. One thing your credit report should tell you is how much available credit you’re using at one time. If you see that number is high, you may be motivated to go on a budget and find ways to spend less and pay off your existing debt,

3. You may get an early warning of fraud

Your credit report should list all open credit accounts in your name. And if you see an open story you don’t know about, you’ll know to look it up – and it might save you trouble.

For example, suppose you notice a credit card in your report you are not familiar. You may be able to identify the person giving the truth as deception before a criminal charges against them — and possibly four ruining your score in the process.

While checking your credit report may not be part of your current financial routine, it is an important thing to do. And remember, you don’t have to review your financial report every week, so don’t worry if weekly reports are eliminated after 2023. As long as you make a point to check your finances every few months. After all, you’ll be doing your part to keep track of your finances and put yourself in a strong position to borrow if needed.

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