Free credit reports are now available to access every week to help minimize the long-term economic impacts of COVID-19. The continuing crisis surrounding the virus has affected people’s lives in many ways. However, fear of the economic impact is also at the top of many people’s minds. Across the U.S., more than 40 million people have filed for unemployment benefits since the first wave of the coronavirus closures and many business owners have had to shut their doors. Some employees wonder if their jobs will be waiting for them and business owners question whether they will be able to reopen once it is safe to do so.
Fortunately, there is some good news for consumers who are concerned about their financial security. The three major credit reporting agencies are offering free credit reports every week through April 2021.
While the economic impacts can be far-reaching, there are other harmful effects as well. Data breaches continue to happen. At least six states who have established public-facing websites for filing unemployment claims have exposed tens of thousands of users’ identity credentials online. There have already been reports of scammers targeting those seeking assistance with phishing attempts.
Consumers have been entitled to a free copy of their credit reports, up to one copy per year from each of the three major credit reporting agencies—TransUnion, Equifax and Experian. Those reports are readily available from AnnualCreditReport.com and are easy to download. However, requesting further reports after the initial free request (in a twelve-month period) could incur a fee. Now, consumers will be able to access each of their free credit reports every week through next spring with no additional cost.
For consumers, checking and understanding their credit report is vital in order to maintain some control over their financial health. It gives them a clearer picture of their current debt and spending potential, as well as help uncover whether or not malicious actors have been using their identities. Any fraudulent charges, purchases and lines of credit would appear on the credit report, making it helpful for monitoring one’s identity. To request a free credit report, users need to visit AnnualCreditReport.com and enter their information. The report will be available for download almost immediately. For more information on how to request a report and why it is a useful tool, click here. If there are any signs of suspicious activity on the report—such as purchases, new credit cards or too many inquiries from lenders—consumers can contact the Identity Theft Resource Center via live-chat or toll-free at 888.400.5530.
You might also like…