Equifax, TransUnion and Experian — the big three of credit reporting agencies — announced Tuesday that they're going to continue allowing consumers to receive free weekly credit reports for one more year until April 20, 2022.
You must go through annualcreditreport.com to get those free weekly reports.
The news comes right after troubling headlines indicating that consumers are frustrated with how their credit is being handled by those very same agencies.
"Consumer complaints about financial grievances spiked during the pandemic year of 2020, eclipsing 2019, the previous record year," according to report released Monday by the U.S. PIRG Education Fund, a nonprofit consumer advocacy group.
The report reviewed the public database of complaints filed with the Consumer Financial Protection Bureau.
A positive, accurate credit report paves the way for low-cost loans
Your credit report is the blueprint for building your credit score. Companies like FICO and VantageScore use the information, such as late payments and credit usage, on your credit reports to come up with your three-digit credit score.
The higher your score, the better your odds of receiving a low interest rate on a car loan, mortgage, credit card or other loan.
COVID-19 relief rolled out a variety of ways that financially strapped consumers could delay payments on credit cards, auto loans, mortgages and other major loans after losing a job or facing other hardships during the pandemic. Many times, consumers had to reach out to lenders for help.
Why some credit reports include errors