How Often You Should Be Checking Your Credit Report?



Credit report errors are a chronic problem made worse by the pandemic, and complaints about mistakes by the credit bureaus are at an all-time high — up 86% over the last year. Mistakes can lower your credit score, which, in turn, limits your ability to qualify for financing or loans, especially those that offer decent interest rates. Common mistakes include repaid loans that appear as unpaid, incorrect personal information, and debts erroneously reported as being in collections. That’s why it’s important to protect yourself by checking your credit reports every three months, especially if you plan to apply for any loans or finance a big purchase. You can request free credit reports from each of the three credit bureaus on annualcreditreport.com. You will be asked some financial questions to verify your identity, so you’ll want to have your financial records at your fingertips. When you receive the report, go through it line-by-line. Look for errors, and double-check that it includes accurate personal information, as simple typos are surprisingly common.