You are allowed to review your credit report at least once every 12 months for free from each of the three nationwide credit bureaus. Since the COVID-19 pandemic, you can actually request and review your credit data weekly. It is recommended to check your credit report at least once a year to spot errors, potential identity theft, or before making major financial decisions or loan applications. More frequent reviews, such as quarterly or even weekly, are advisable if you are planning a big purchase, suspect fraud, or want to stay on top of your credit standing.
When to Review Your Credit Report
- At least once every 12 months for a free copy from each credit bureau.
- Before making major purchases that require loans (houses, cars).
- Before applying for new credit or jobs that may check credit history.
- To spot identity theft early and take action.
- More frequently (e.g., weekly) during times of financial activity or suspected fraud.
How Often Credit Reports Update
- Credit reports are updated continuously by lenders reporting payments and balances, typically monthly but on different days.
- Because of different reporting schedules, the information may vary across the three credit bureaus at any given time.
Access Rights
- You have the legal right to access your report and see who has reviewed it.
- Credit card companies, lenders, employers, or insurers can access your report with your permission or for legitimate purposes.
In summary, you can and should review your credit report at least annually and more often if circumstances warrant it, with free access guaranteed annually and enhanced weekly access available currently.
