Why You Should Check Your Credit Report Every Quarter
The Fair Credit Reporting Act gave you the right to check your credit reports every single year through AnnualCreditReport.com. However, during the pandemic, the major credit bureaus allowed you to check your report every week.
While checking very week is likely too often, it's still a good idea to check one of your three reports every quarter.
Here's why:
Mistakes Are Extremely Common
In 2024, Consumer Reports found that almost half of consumers who recently volunteered to check their credit reports found mistakes. And a quarter of those people discovered serious mistakes that could have damaged their score and led to adverse credit decisions.
Some mistakes are benign but it's not uncommon for there to be a line of credit listed that you've never been associated with.
There was one time that I had a second Social Security Number listed on my account. It was identical to mine except a six was replaced with a zero. It made you wonder what checks the bureaus had in place because one person can't have two Social Security Numbers.
Disputes Take Time To Fix
When you do discover an error, disputing it takes time. In fact, it can take anywhere from 30 to 45 days to resolve. Some errors are easy to fix, others take time. When federal law only requires the bureaus to act within 30 to 45 days, it's usually going to take the full time.
If you're looking to buy a new car, you probably can't wait a month for the bureaus to fix an error that negatively impacts your score. This is why you should check quarter to ensure any mistakes are fixed before you need your score.
Catches Identity Theft Early
If you're checking every quarter, you can catch identity theft early in the process. If you discover new lines of credit, a new address, and just a lot of weird activity then you can begin investigating what's happening quickly.
If you only check once a year, it's possible a thief has had a head start of several months with your identity. You'll want to catch it fast before you experience real damage.
Another way to catch identity theft early is to use a credit score app that monitors changes in your score. Any major changes could be a warning sign that your credit report has been compromised.
No Reason Not To Check Quarterly
Finally, if you get on a regular schedule of reviewing your reports, the process is fast. You'll be familiar with how your credit report looks and will be able to identify differences quickly. The bureaus have streamlined their online processes so that you can get to a report within a few minutes.
It is worth noting that checking your credit report will not impact your credit score.
It comes at no cost, except your time, and this ounce of prevention every quarter can save you a pound of cure later on.
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