COVID-19: Free Annual Credit Report Now Available Weekly

 

In a rare joint action, the national credit reporting agencies of Equifax, Experian and TransUnion have announced they are now offering free weekly credit reports to all Americans in an effort to protect their financial health during the sudden and unprecedented hardship caused by COVID-19. 

Available through the Annual Credit Report portal, the free reports will be accessible through April 2021. 

“These are unprecedented times facing the world. People are feeling scared and uncertain about the future. To help play our part and reduce some of that anxiety, we are uniting as an industry to help people know the facts about their financial data,” Mark W. Begor, CEO of Equifax; Brian Cassin, CEO of Experian; and Chris Cartwright, CEO of TransUnion, indicated in a joint statement. “We are making credit reports more accessible more often so people can better manage their finances and take necessary steps to protect their credit standing.”

As noted by the credit agencies, the “hardship” has spread rapidly over the last few weeks with the novel coronavirus shutting down much of the country. That led to approximately 22 million workers – or 13 percent of the U.S. labor force – filing for unemployment. In addition, almost 3 million borrowers have requested a forbearance on their home mortgage. 

Under the Coronavirus Aid, Relief, and Economic Security Act – or CARES Act – creditors and other financial institutions are required to report to the credit reporting agencies of Equifax, Experian and TransUnion that consumers are current on their loans and other obligations if relief was sought due to the pandemic. 

Credit vigilance is critical during these uncertain times. Consumers are advised to review their credit reports frequently to determine how their payment behavior is being reported. The single most important action for consumers who cannot pay their bills is to contact their creditors to determine what assistance is available.

“To help play our part and reduce some of that anxiety, we are uniting as an industry to help people know the facts about their financial data,” the CEOs concluded. “We are making credit reports more accessible more often so people can better manage their finances and take necessary steps to protect their credit standing.” 

Accessible through the Annual Credit Report portal, the free weekly credit reports are available through April 2021. 

“Reviewing your credit report on a regular basis is a simple way to be proactive about your financial well-being,” Steve Swickle of Fort Lauderdale told South Florida Reporter. “And with 156 opportunities over the next 12 months, it just got easier.” 

Credit Freeze is Free Under New Federal Law

 

A year after the devasting data breach at Equifax – one that left the sensitive personal information of over 143 million Americans exposed – consumers can now better protect themselves against identity theft.

Replacing a patchwork of state credit freeze laws, new legislation now requires the credit reporting agencies of Equifax, Experian and TransUnion to allow consumers an opportunity to “freeze” or otherwise “lock” their credit report from public disclosure without fee. Temporary “fraud alerts” can also be extended to one-year from the previous 90 days.

Place an Equifax credit freeze – Experian credit freeze – TransUnion credit freeze.

With the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act – or EGRRCPA – in May, Congress amended the Fair Credit Reporting Act instituting several important changes. Effective Sept. 21, nationwide credit reporting agencies are statutorily mandated to provide a global credit freeze to consumers free of charge. Previously, 42 states – including Florida – allowed Equifax, Experian and TransUnion to charge consumers for locking their credit report. Unless a consumer was a verified identity theft victim, they were charged anywhere from $2-$10 – per credit bureau – each time they locked or unlocked their credit report.

A credit freeze – also referred by some as a security freeze or lock – was designed to make it more difficult for criminals to use stolen personal information to open new accounts fraudulently as credit reporting agencies were prohibited from providing credit information to potential lenders. Under the new legislation, initial fraud alerts are extended from 90 days to one year. No change has been implemented on the seven-year extended fraud alert.

Under the EGRRCPA, nationwide credit reporting agencies are now required to remove the fee for maintaining a credit freeze and must provide consumers a webpage for credit freeze and fraud alert requests.

Place an initial Equifax fraud alert – initial Experian fraud alert – initial TransUnion fraud alert.

Previously, freezing your credit report at the Equifax, Experian and TransUnion consumer reporting agencies was governed by state law. And with dozens of states allowing credit bureaus to charge a fee each time a report was locked or unlocked, consumers rarely took advantage of the opportunity unless they were specifically at risk for identity theft. The number of situations requiring a credit report were abundant. Whether applying for employment or insurance, a new cell phone or home utilities, a new credit card, vehicle or home mortgage loan, the cost could really become excessive.

“Freezing and unfreezing my credit report got to be an expensive proposition,” Fort Pierce businessman Tony DiFrancesco told the South Florida Reporter. “Each time I applied for credit, it was another $20 – $10 to thaw my report, then another $10 to freeze it again. The fees were ridiculous.”

With the new law now in effect, freezing and unfreezing a credit report has been made simple as each of the credit reporting agencies – Equifax, Experian, TransUnion – has an online portal dedicated to processing consumer requests. Now when a request to freeze a report has been received online or by telephone, it must be processed with one day. Likewise, a request to unfreeze a credit report must be completed with one hour.

Consumers are also protected under the provisions of the new Economic Growth, Regulatory Relief, and Consumer Protection Act with the ability to establish a credit freeze for their minor children.

Place an Equifax child freeze – Experian child freeze – TransUnion child freeze.

According to a recent Javelin Research survey, more than one million children – or 1.48 percent of minors in the United States – were victims of identity theft in 2017, resulting in total losses of $2.6 billion and $540 million in out-of-pocket costs to families. Parents can now freeze their child’s social security number for credit purposes – a number typically issued shortly after birth – and reduce the potential for life altering identity theft issues.

“As a victim of identity theft, I look forward to being able to block my kids personal information from unlawful use,” Xavier Mitjavila Moix told the South Florida Reporter. “It’s all about piece of mind and the new legislation is a start in the right direction.”

To learn more about credit freezes and fraud alerts, the Federal Trade Commission provides a wealth of resources at www.identitytheft.gov.

How to Order a Free Credit Report

 

Before applying for an automobile, credit card, or home mortgage loan, it’s a good idea to check your credit report for errors. Banks, credit unions, auto finance and mortgage lenders have all raised the bar when making credit granting decisions. Long gone are the days when a 620 FICO credit score sufficed. Borrowers with bad credit are being turned down or forced to pay significantly higher interest rates when applying. Those with low credit scores have even been denied employment opportunities and automobile insurance.

Negative information contained in credit reports – such as late payments, collection accounts and public record entries – determine whether you can obtain credit, goods, benefits, services, employment and/or insurance. It’s important to review your Equifax, Experian and TransUnion credit reports on a regular basis and correct any information that is inaccurate, erroneous, obsolete, or fraudulent due to possible identity theft.

Don’t be scammed by the numerous “free credit report” opportunities found on the Internet. While dozens of companies offer that so-called “free credit report,” many of them have strings attached, such as subscription-based opt-in requiring you to provide credit card information.

You really can obtain a free copy of your credit report.

Under a narrow set of circumstances, you are entitled to a free copy of your credit report directly from the credit reporting agencies. If you have been denied credit, goods, benefits, services, employment or insurance, Equifax, Experian and TransUnion are statutorily mandated under the Fair Credit Reporting Act to provide a copy without charge.

Equifax can be contacted at (800) 685-1111 or online at www.Equifax.com.

Experian can be contacted at (888) 397-3742 or online at www.Experian.com.

Trans Union can be contacted at (800) 916-8800 or online at www.TransUnion.com.

When ordering credit reports, be sure to indicate that you were denied credit, goods, benefits, services and/or employment when prompted. Absent these exceptions, you are entitled to one free “annual credit report” per year. For your free annual credit report, contact the central source at 877-FACT-ACT (877-322-8228) or online at www.AnnualCreditReport.com. Follow the voice prompts and obtain your credit report for review.

Credit scores are not included with any of the “free credit reports” provided by the national credit reporting agencies of Equifax, Experian and TransUnion.

How to Order a Free Credit Report

 

Before applying for an automobile, credit card, or home mortgage loan, it’s a good idea to check your credit report for errors. Banks, credit unions, auto finance and mortgage lenders have all raised the bar when making credit granting decisions. Long gone are the days when a 620 FICO credit score sufficed. Borrowers with bad credit are being turned down or forced to pay significantly higher interest rates when applying. Those with low credit scores have even been denied employment opportunities and automobile insurance.

Negative information contained in credit reports – such as late payments, collection accounts and public record entries – determine whether you can obtain credit, goods, benefits, services, employment and/or insurance. It’s important to review your Equifax, Experian and TransUnion credit reports on a regular basis and correct any information that is inaccurate, erroneous, obsolete, or fraudulent due to possible identity theft.

Don’t be scammed by the numerous “free credit report” opportunities found on the Internet. While dozens of companies offer that so-called “free credit report,” many of them have strings attached, such as subscription-based opt-in requiring you to provide credit card information.

You really can obtain a free copy of your credit report.

Under a narrow set of circumstances, you are entitled to a free copy of your credit report directly from the credit reporting agencies. If you have been denied credit, goods, benefits, services, employment or insurance, Equifax, Experian and TransUnion are statutorily mandated under the Fair Credit Reporting Act to provide a copy without charge.

Equifax can be contacted at (800) 685-1111 or online at www.Equifax.com.

Experian can be contacted at (888) 397-3742 or online at www.Experian.com.

Trans Union can be contacted at (800) 916-8800 or online at www.TransUnion.com.

When ordering credit reports, be sure to indicate that you were denied credit, goods, benefits, services and/or employment when prompted. Absent these exceptions, you are entitled to one free “annual credit report” per year. For your free annual credit report, contact the central source at 877-FACT-ACT (877-322-8228) or online at www.AnnualCreditReport.com. Follow the voice prompts and obtain your credit report for review.

Credit scores are not included with any of the “free credit reports” provided by the national credit reporting agencies of Equifax, Experian and TransUnion.