When should I review my credit report?

Tip

Dispute any errors in your credit report. The information in your credit report affects whether you can get a loan – and how much you will have to pay to borrow money. It could also affect the hiring decisions potential employers may make about you. If you find something wrong with your credit report, dispute it. Be on the lookout for loans or credit cards listed that you never opened, misspelled names, or collection items that were not updated to show the account is current after a settlement was reached and satisfied. You can file your dispute with both the consumer credit reporting agency and the entity that furnished the bad information.

You have the right to get a free credit report every 12 months from the three nationwide credit reporting companies, but since the COVID-19 pandemic you can now request and review your data weekly.

You should also check your credit report:

• Before making a major purchase that may involve a loan, such as a house or a car.
• Before applying for a new job. Many companies look at your credit history when hiring employees.
• To spot potential identity theft, so you can take action. Identity theft occurs when someone uses your personal or financial information to commit fraud. Identity theft can immediately block your access to credit, destroy your ability to access credit in the future, and subject you to bill collectors.

Besides your credit report, there may also be reports about you made by specialty reporting companies. Specialty consumer reporting agencies collect and share information about you relating to your:

• Residential or tenant history
• Check writing history
• Employment history
• Insurance claims

You may be able to get free copies of your reports from many of these specialty consumer reporting agencies. The CFPB has put together a list of some of these reporting companies and their contact information.

If you have a problem with credit reporting, you can submit a complaint with the CFPB online.

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