I’m a Financial Expert: Here’s How Often You Should Check Your Credit Report
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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When was the last time you checked your credit report? If your answer is “I can’t remember” or “never,” it’s likely that you’re overdue.
But how often should you really be checking your credit report? GOBankingRates spoke with Tremaine Wills, MBA, CFEI, founder of Mind Over Money, to get her expert opinion on the matter.
Check Your Credit Report at Least Once a Year
Checking your credit report should be at least an annual occurrence, Wills said.
“Everyone should check their credit report at least once per year for free at each of the three major credit bureaus,” she said. “The Fair Credit Reporting Act allows us to have this information at no charge. You can check by visiting AnnualCreditReport.com.”
An annual checkup can help ensure that your report is a correct reflection of your financial behaviors.
“[Checking your credit report] annually helps you keep a correct file so that when you are ready to apply for credit, there are no surprises,” Wills said. “Even if you have no intention of applying for credit in the near future, I still suggest checking at least annually so that you can be aware of any errors or incidents of identity theft resulting in a tradeline being opened in your name.”
What To Check For
The main things you should be looking out for when reviewing your credit report are any errors or inquiries you don’t recognize.
“Review the entire report to make sure contact and personal information are correct, the listed tradeline details are accurate, and make sure no inquiries you have not approved are listed,” Wills said. “Double check each [report from each of the three major credit bureaus] to make sure the information is the same across them all.”
If you do notice an error, make sure to take the appropriate actions.
“Contact the bureau where the error exists,” Wills said.
Why It Matters
Your credit score can affect your ability to take out loans as well as the rates you receive, so it’s important to check your credit report regularly to make sure everything looks as it should.
“An accurate credit report is important because this is the measure of your creditworthiness,” Wills said. “Inaccurate information on your report can lead to increased interest rates or even declined access to credit.”
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