Credit Report Checking is Down in 2020

Several news outlets are reporting Americans are checking their Equifax, Experian, and TransUnion credit reports less than previous years. From NBC San Diego:

A lot of people are worried about financial security during the coronavirus pandemic. That’s why it’s important for you to stay up-to-date on your credit reports, but a new survey says fewer people are checking.

“The troubling thing about that is it’s never been easier to get a free credit report,” said Matt Schulz, chief credit analyst at LendingTree. “You can even do it once a week because of a rule change that the bureaus put in at the start of the pandemic.”

The Manchester Journal has a lengthly explanation on why checking your credit is important:

A credit report is a detailed accounting of how you have dealt with credit and finances. The report spans many years and is used to determine credit worthiness and the rate of interest that is applied on loans. It also reveals capacity, character, reputation and lifestyle.

Often credit reports are requested by employers, landlords, or insurance companies to assess risk. An accurate credit report can have positive or negative impact on many aspects of your life.

This really shows how important credit reports are and the importance of keeping them accurate.

Finally, earlier this season, Click2Houston.com provided information about how to access your credit reports for free:

A lot of people are deferring loan payments and mortgage payments during the pandemic. The federal government has told lenders not to report these consumers as delinquent or past due. Still, you should check your credit report and score to make sure these deferments are not being reported negatively.

The three credit-reporting companies are providing one free weekly credit report until April 2021, instead of one per year ordinarily at AnnualCreditReport.com.