Easier access to credit reports could help consumers impacted by COVID-19

With the help of three major credit report bureaus, consumers can now pursue financial goals with easier access to their most current credit status.

Francis Creighton, president and CEO of the Consumer Data Industry Association, oversees the three major credit report bureaus — Transunion, Equifax and Experian.

In light of the financial impact of the pandemic, the three bureaus are working together under the CDIA to extend weekly access to credit reports until April 2022.

Though many have suffered lost jobs, lost incomes and lost savings, Creighton said the expected economic calamity was not as bad as expected.

"There have been some studies saying the credit scores have actually gone up during this time," Creighton said.

Creighton credits the government pouring more money into the economy and banks providing more help for consumers. Many consumers were able to change their behaviors by spending less, saving more and paying down debt, he said.

However, the impact on many others is not forgotten.

"There’s a lot of Americans out there who are still struggling," said Creighton, adding that it’s critical for consumers to have easier access to information about their financial status.

A personal credit report provides information about an individual’s financial health.

According to Creighton, the big four items include:

• What do you owe?
• To whom?
• What’s your payment?
• How much credit do you have available?

The reports help lenders determine your credit score. Before applying for a big loan, Creighton advises consumers to check their credit profile frequently.

"If you do find something wrong, you want to get in there and fix it as soon as possible," said Creighton.

Dispute any errors with the reporting credit bureau as soon as possible, because the investigation could take 30 days, Creighton said.

Creighton said free and extended weekly access to credit reports can help people recover from financial setbacks and pursue financial goals.

"So from now to April of next year, you can get your credit report as often as weekly by going to annualcreditreport.com. It’s the one place that you can go and get all three of them and they are free," Creighton said.

Your credit report does not include your credit score. Often that information is on your credit card or mortgage statement, although more credit card companies and other lenders now offer that information for free.