Why Regularly Ordering and Reviewing Your Credit Reports is Critical for Preventing Identity Theft

Access your credit report every week for free!

Did you know you can now access your credit report every week for free, rather than just once a year? This recent change is a game-changer, especially for those concerned about identity theft and managing their financial health. If you’re managing your family’s finances or just want to ensure your credit report is accurate, this new access policy is a valuable tool for you.

Why Regular Credit Report Monitoring Matters

Keeping track of your credit report regularly can help you catch potential identity theft before it spirals out of control. Previously, U.S. consumers were only able to request a free copy of their credit report once a year, but due to changes initiated during the pandemic, you now have the ability to monitor your credit every week at no cost. This change allows for timely detection of any unusual or unauthorized activity—crucial for preventing or mitigating the impact of identity theft.

What Are Credit Reports and Why Should You Care?

Your credit report is a detailed record of your credit history, covering every credit account, loan, and payment history across the major credit bureaus—TransUnion, Equifax, and Experian. It helps lenders, landlords, and even employers evaluate your financial responsibility, which impacts things like mortgage rates, credit card approvals, and even job opportunities.

But, perhaps more importantly, your credit report can also reveal signs of identity theft. If someone is using your personal information without permission, unauthorized accounts or charges may appear on your report. Regularly reviewing your credit report allows you to catch these discrepancies quickly and take corrective action, reducing the risk of long-term damage to your financial health.

How to Access Your Free Credit Report

Accessing your credit report has never been easier. Thanks to the Federal Trade Commission’s AnnualCreditReport.com website, you can request a free report from each of the three major credit bureaus once a week. Just be aware that many third-party websites mimic this service, and some may try to trick you into signing up for paid subscriptions. Stick with the official site—AnnualCreditReport.com—to ensure you’re getting your free report and avoid unwanted charges.

When you visit AnnualCreditReport.com, you can request your credit reports directly from the three major bureaus. Make sure to request reports from all three credit agencies (Equifax, Experian and Trans Union), as each one may have slightly different information about your credit activity. Be sure to double-check the official website’s address to avoid scams—it’s AnnualCreditReport.com, not imitators like AnnualCreditReport.net or similar sites.

What to Look For: Identifying Errors and Fraud

Once you access your credit report, review it carefully. Look for:

• Unfamiliar accounts: If you see any credit accounts that you don’t recognize, these could be signs of fraud.
• Incorrect personal information: Any mistakes, like a misspelled name or incorrect address, should be reported.
• Inaccurate payment history: Ensure that all your payments are correctly recorded, as missed payments can hurt your credit score.
• Credit inquiries: Unrecognized inquiries could indicate someone is applying for credit in your name.

If you find errors on your credit report, you have the right to dispute errors under the federal Fair Credit Reporting Act (FCRA). The FCRA requires credit reporting agencies to investigate any errors you identify and remove or correct them within 30-45 days. If the credit bureaus do not perform a reasonable investigation of your dispute, then you have the right to sue the credit bureau in federal court to clear your name under the FCRA.

The Link Between Credit Report Errors and Identity Theft

Regular credit monitoring plays a critical role in detecting identity theft early. The Consumer Financial Protection Bureau outlines some common signs that your personal information may have been compromised:

• Unexpected calls from debt collectors, lenders, or service providers about accounts you don’t recognize.
• A significant drop in your credit score without any clear reason.
• Credit lines being cut abruptly by your creditors.

If you notice any of these warning signs, it’s vital to act quickly by checking your credit report for any unauthorized activity. You also have the right to file a complaint with the CFPB. 

How Often Should You Review Your Credit Report?

While you can access your credit report once a week, you don’t need to check it that often unless you suspect fraudulent activity. A good practice is to check your credit at least once a month, but the more frequently you check, the easier it will be to spot discrepancies and act early. For added protection, consider setting a reminder to check one bureau’s report each week to stay on top of your credit without overwhelming yourself.

Additional Resources for Monitoring Your Credit

If you’re worried about potential identity theft, you might also want to consider signing up for a credit monitoring service or using tools like Credit Karma for free access to your credit score. These services can alert you to any major changes to your credit profile, offering extra protection against fraud. The information from these companies can also assist our credit report lawyers determine how you have been harmed by inaccurate information on your reports.

You can also request reports on behalf of minor children under 18, who may be more vulnerable to identity theft. Learn more about how to freeze your credit reports.

By regularly ordering and reviewing your credit reports, you take a proactive stance in safeguarding your personal and financial information. With free access available every week, there’s no excuse not to stay informed about your credit status. Whether you’re monitoring your own credit or checking for signs of identity theft, these routine reviews can help you stay ahead of fraud and ensure your credit remains in good standing. Beware, if you have a credit freeze on your reports, then you will not be able to

Remember, catching errors or fraudulent accounts early is crucial, so make it a habit to stay on top of your credit health and protect yourself from the devastating effects of identity theft.

Need help clearing your name?

If you have errors on your credit report due to identity theft, our Fair Credit Reporting Act attorneys can help victims clear their name. The Adkins Firm counsels identity theft victims on the road to recovery. 

Has your identity been stolen?  Do you have fraudulent information on your credit reports due to fraud?  Have you disputed the fraudulent information to the credit bureaus and the credit reporting agencies verified the fraudulent information is accurate? If you answered yes, then you may have claims under the Fair Credit Reporting Act (FCRA) and our credit report lawyers can help you clear your name.

Contact us today or chat with us live to let us know how you have been harmed as a victim of identity theft. Our FCRA lawyers may be able to help you clear your name, too. We do not charge a fee unless our client receives a monetary recovery from the defendant. 

Remember, it’s your credit report!