I came across a new promotion today through our friends over at annualcreditreport.com that I believe can make a big difference in peoples lives. Surveys I came across indicate that about 1 in 5 adults check their Credit Score Monthly. I’m sure that the percentage is much lower for those that take the time to review their actual Credit Reports. The good news is that now through April 2021, everyone can review their reports for FREE weekly!
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Free Weekly Access to Credit Reports
Typically AnnualCreditReport.com offers consumers One Free Copy of their Credit Reports from the Three Big Reporting Agencies; Equifax, Transunion, Experian. This is thanks to the Federal Mandate, Fair Credit Reporting Act which empowers people to review their reports for inaccuracies for Free each year. Starting on April 20th, consumers can now check their reports for Free every week through April 2021!
Why is this Important?
According to ConsumerFinance.Gov, 20% of people have an error on at least on of their reports. I can certainly agree with that statistic and think it might even be higher from working with people over the years on Credit Restoration. Typical errors include people with similar names, family members, and even fraudulent accounts showing up. This could lead to a lower Credit Score and ultimately higher interest rates. In addition, having subpar credit prevents folks who want to take advantage of premium credit card offers. If you are a regular reader at Basic Travel, you know that those Credit Cards can provide Thousands of Dollars for discounted Travel.
Credit Score FYI
I’ve talked about this before and want to mention it again, Credit Karma Does Not provide a FICO Score. Over 90% of Banks and Credit Lenders use the FICO Algorithm to Review Credit Reports and determine Credit Worthiness. I put together a very detailed Basic Breakdown of Credit Scores which reviews the different types of Credit Scores and background on how we got here today.
Free FICO Reporting
The best Free FICO Score Report that I have found online is through the Discover Credit Scorecard Service. You don’t have to be a Discover Cardholder to use the service and it’s Free.
Reviewing personal credit reports regularly can be the difference between hundreds to thousands of dollars in potential money. Whether it’s high interest rates on a Mortgage or Car loan, or missing out on The Top Credit Card Offers, we’re talking about big money! I love that AnnualCreditReport.com is offering folks the opportunity to review their reports weekly and hope that they take advantage of the opportunity.
Have you found something that didn’t belong on your Credit Report? I’d be interested to hear about your experience down below or over in the 4,000 + Basic Travel Facebook Group!