ATLANTA, COSTA MESA, Calif., and CHICAGO –
With so many consumers’ financing in flux because of the coronavirus pandemic, individuals now can examine their credit report more frequently than just once per year.
In a joint action, the three national credit reporting agencies in the United States — Equifax, Experian and TransUnion – said this week that they are offering free weekly credit reports to all Americans for the next year to help them protect their financial health during the sudden and unprecedented hardship caused by COVID-19.
The free reports are available via AnnualCreditReport.com.
The companies’ chief executive officer provided a joint statement on the decision to increase their offerings for the next year. That leadership group included Mark Begor of Equifax, Brian Cassin of Experian and Chris Cartwright of TransUnion.
“These are unprecedented times facing the world. People are feeling scared and uncertain about the future. To help play our part and reduce some of that anxiety, we are uniting as an industry to help people know the facts about their financial data. We are making credit reports more accessible more often so people can better manage their finances and take necessary steps to protect their credit standing,” the CEOs said in a news release.
The bureaus reiterated that consumer credit reports are a factual record of credit activity and payment history used by lenders, creditors, service providers and other businesses to extend financial opportunities and other offers to people.
“Credit reports play an important role in financial health for consumers, businesses and the economy,” the bureaus said.
Equifax, Experian and TransUnion also emphasized that credit vigilance is critical during these uncertain times. They advised consumers to review their credit reports frequently to understand the information that is being reported about their payment behavior.
“The single most important action for consumers who cannot pay their bills right now is to talk with their lenders to find out if they are offering any assistance,” Equifax, Experian and TransUnion said.
The three credit reporting agencies also have worked with their U.S. trade association, Consumer Data Industry Association, to provide guidance to data furnishers on how to support consumer credit reporting during the pandemic.
For additional helpful consumer tips on navigating COVID-19, visit:
● Equifax COVID-19 Credit and Financial Resources Center
● Experian COVID-19 Resources & Credit Education
● TransUnion COVID-19 Support Center