Why should i review my credit report

Note that your credit reports don't include your credit scores. However, you can check a TransUnion credit score and report at NerdWallet. Your information updates weekly and you can check any time you want.

Checking your own credit does not affect your scores. Your credit reports update regularly to reflect new data the credit bureaus have received. Other errors, like outdated information or a payment wrongly reported late, could hurt your credit scores, which are calculated from information in your credit reports.

That could affect the credit products and interest rates you qualify for. Fixing an error could potentially improve your scores. In addition, if you have accepted payment modifications in response to the coronavirus pandemic, you'll want to make sure those accounts are being reported correctly. Other times it's smart to check are before applying for a big loan and when you are looking for a job. Your credit report contains personally identifying information, including your birthdate, Social Security number, address, previous addresses, phone numbers, credit accounts and payment history.

Unless your child lets you know, or gives you access to the account, you may not find out until you check your credit report. Checking your credit report can be a painful way to learn about miscommunications and failings. But it can also serve as a reminder to monitor things that might usually escape your notice, such as medical bills that were supposed to be covered by insurance companies, or payments that were supposed to be made by bookkeepers. If someone else has been using your Social Security number to apply for credit, or making purchases with your payment information, you may not notice the signs unless you take a close look at your credit reports.

Then you get hit with a big one. If necessary, file an Identity Theft Report and freeze or place fraud alerts on your credit reports to prevent further damage. Fraud alerts, which are free, require issuers to contact you and confirm your identity before extending credit to you.

After placing a fraud alert on your account, you can get additional free credit reports to make sure the fraudulent accounts were removed. Good credit could potentially save you thousands of dollars in interest payments over the course of your life.

Contrary to popular belief, credit scores are not part of your credit reports, although credit scores are calculated from data on your credit reports and may be delivered along with it. You also may not know that you may have more than one credit score -- each credit bureau or company that provides credit scores calculates them using different credit scoring models.

Because of this, your credit scores may vary. Another reason your score may vary is that the underlying credit data may be different since not all lenders report to all three nationwide credit bureaus. Some report to only two, one, or none at all. It's a good idea to check your credit reports at least once a year.

Follow our checklist to review your Equifax credit report. You can also create a myEquifax account to get six free Equifax credit reports each year. A VantageScore is one of many types of credit scores. Familiarizing yourself with the information on your credit reports may help you decide whether to apply for credit or wait a while before applying. If you do see something you believe may be inaccurate or incomplete, contact the company reporting the information.