Equifax, Experian and TransUnion Make Free Weekly Credit Reports Available Permanently – Forbes Advisor – Technologist

The three nationwide credit bureaus, Equifax, Experian and TransUnion, have made life a little easier for consumers who monitor their credit status.

The credit agencies used to provide free online reports once a year at the website AnnualCreditReport.com. They began making the free reports available each week when Americans faced financial difficulties during the COVID-19 pandemic.

In September 2023 they made that change permanent.

The CEOs of the three credit bureaus put out a joint statement on September 18 explaining their decision.  “We recognize the important role that credit reports play in people’s financial lives and encourage consumers to regularly check their credit history,” wrote Equifax CEO Mark W. Begor, Experian CEO Brian Cassin and TransUnion CEO Chris Cartwright.

Frequent checkups, they said, are “an important way of understanding [your] current credit position and preparing for important future financial milestones.”

Consumers can access their free credit reports by visiting AnnualCreditReport.com, the official website that’s sponsored by the three credit bureaus.

Many other free credit report programs are also available. Some include free additional features such as personalized credit analysis and credit monitoring.

Why Should You Check Your Credit Report?

Credit reports are like health records for your finances. They give you a rundown of important financial details such as credit card debt, outstanding loans, bill payment history and debts that have been sent to collections. Creditors, insurers, landlords, employers and other businesses use your credit information to make decisions about you, regarding everything from new credit applications and loan interest rates to employment prospects and qualifying for housing.

Given the potential impact on your life, it’s essential to check your credit report regularly for inaccuracies or signs of identity theft. If there are errors on your credit reports, the faster you identify them, the better. For example, if someone stole your identity and is taking out credit cards in your name, you’ll want to report that behavior right away to minimize the damage.