FTC: Credit reports are now free, every week

FTC: Credit reports are now free, every week
Understanding the impact of your credit score

TUCSON, Ariz. (KOLD News 13) - If you’re feeling anxious about your financial health during these uncertain times, you’re not alone. Now, there is some help to better monitor your accounts.

The Federal Trade Commission reports Equifax, Experian, and Transunion are giving people weekly access to monitor their credit report, for free.

Everyone is eligible to get free reports through AnnualCreditReport.com. The credit reporting agencies are making these reports free for the next year.

Staying on top of your credit report is one important tool to help manage your financial data. Your credit report has information that lenders, creditors, and other businesses use when giving you loans or credit.

If you’re one of the many Americans struggling to pay your bills right now because of the Coronavirus crisis, here’s what the FTC says you can do:

  • Contact the companies you owe money to. Ask if they can postpone your payment, put you on a payment plan, or give you a temporary forbearance.
  • Check your credit report regularly to make sure it’s correct — especially any new payment arrangements or temporary forbearance. The recently passed CARES Act generally requires your creditors to report these accounts as current.
  • Fix any errors or mistakes that you spot on your credit report. Notify the credit reporting agencies directly. You can find out more by reading Disputing Errors on Credit Reports.

Copyright 2020 KOLD News 13. All rights reserved.