Great news! The triumvirate of credit reporting companies in the United States has announced that they will provide free weekly credit reports to its consumers after the country has been hit hard by the on-going COVID-19 pandemic.
According to a joint statement released by Equifax, Experian, and TransUnion, the free weekly credit update services will be made available until April 2022.
These companies are mandated by law to provide a free credit report annually, but they can charge a person for accessing their services to acquire updates on their credit reports upon request.
These companies compile and analyze data from past payments of mortgages and other financial obligations in order to churn out scores that would determine a person’s creditworthiness.
These scores, three-digit number indicators, can affect an individual’s chances of obtaining a loan, applying for credit, and even obtaining a job. Having a lower credit score can negatively impact one’s options.
With this in mind, unintentional errors that are in a person’s credit report can harm and damage their standing.
In fact, according to a report from the Consumer Financial Protection Bureau (CFPB), complaints by customers of errors in their credit reports have increased in 2020 – more than 23 percent compared to the year earlier.
The CFPB, the federal government agency tasked with upholding consumer rights and protection in the financial sector, has found out that more Americans have experienced problems with their credit reports compared to debt collection-related concerns during the same reported period.
These problems reported range from faulty addresses to more serious concerns such as faulty loan information, closed loans that still appear active, etc.
Consumer advocates and observers argue that these trio companies should correct such errors in their credit reporting. Some even suggest making free weekly credit reports permanent.
When faced with an error with one’s credit report, one can resort to filing a dispute with their credit reporting company in order to fix the concern.
Editor’s Note on Equifax, Experian, and TransUnion Promise Free Weekly Credit Reports Until April 2022:
This news update aims to inform you of the latest announcement promising free weekly credit reports for every consumer of the Big Three credit reporting in the U.S. – Equifax, Experian, and TransUnion for an extended period of time.
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