Previous | Turned down for a bank account? This could be why Next | How to spot elder financial abuse
July 02, 2020 / Ray Wills
Credit reports are now free once a week

Credit reports are now free once a week

As the COVID-19 pandemic continues to put pressure on the economy, one helpful (yet temporary) change has been made to the number of times you can access your credit information.

Women with calculator and man with clipboard displaying the word "Credit Score"The three national credit reporting agencies, Equifax, Experian and Transunion, are now allowing consumers to check their credit report every week at no cost. This is a welcome increase from the normal, once-a-year limit. And while it won’t remedy the credit struggles that so many Americans are facing due to job loss and pay cuts, it can be a very helpful tool in managing your financial data.

A financial report card of sorts, a credit report is a statement that contains information about your credit activity and current credit situation including loan paying history and the status of your credit accounts. The better your repayment history, the higher your score.

Why does this matter? First of all, credit reports may affect your mortgage rates, ability to be approved for credit cards, apartment requests and even your job applications. Plus, regularly checking your credit report is the easiest way to protect yourself against fraud and identity theft. And, monitoring your credit report can help guarantee that the information the credit bureaus are sharing with lenders is correct and up-to-date.

Rest assured, requesting your credit report will not hurt your credit score because it is not an inquiry about new credit.

To get your free reports, visit AnnualCreditReport.com. These online reports are free through April 2021.

If you spot something on your credit report that is indicative of fraud, follow the steps outlined in the Federal Trade Commission’s recovery guide available at identitytheft.gov.

Ray Wills is the security officer at F&M Trust.
Recent Articles
Why you totally need a checking account
Why you totally need a checking account

Why you totally need a checking account

November 29, 2020 / Paulo Oliveira

The 3 percent difference
The 3 percent difference

The 3 percent difference

November 22, 2020 / The Merrill Anderson Company

Is a personal line of credit right for you?
Is a personal line of credit right for you?

Is a personal line of credit right for you?

November 19, 2020 / Sarah Stansfield

Stock Splits 101
Stock Splits 101

Stock Splits 101

November 18, 2020 / Warren Hurt

Three ways to protect yourself from stimulus scams
Three ways to protect yourself from stimulus scams

Three ways to protect yourself from stimulus scams

October 15, 2020 / Ray Wills

What does the federal payroll tax deferral mean to you?
What does the federal payroll tax deferral mean to you?

What does the federal payroll tax deferral mean to you?

October 06, 2020 / Shelby White

Interest Rates 101
Interest Rates 101

Interest Rates 101

September 24, 2020 / David Bimler

Work-from-home scams and how to avoid them
Work-from-home scams and how to avoid them

Work-from-home scams and how to avoid them

September 10, 2020 / Ray Wills

Unsecured or secured loans: What's best for you?
Unsecured or secured loans: What's best for you?

Unsecured or secured loans: What's best for you?

August 24, 2020 / Dave Bimler

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.