For thousands of Americans, the COVID-19 pandemic ushered in an important benefit: free weekly credit reports, available at AnnualCreditReport.com from credit bureaus Equifax, Experian, and Transunion. The goal was to help people better manage financial uncertainty at a time when many were faced with job loss and health crises.
That expanded access is set to expire at the end of the year, according to a joint press release issued by the three credit bureaus. And even now as the pandemic continues, industry officials say there has been no further announcement about extending the free weekly reports.
Before the pandemic, the Fair Credit Reporting Act required that consumers be given free access to their credit report from each of the three major credit bureaus just once a year. But because credit reports have long been plagued by high error rates—accounts that have been paid off but are still shown as open, or items reported as being in collections that aren’t yours — that once-a-year access was never enough. “It meant consumers had limited opportunity to find and fix mistakes,” Syed Ejaz, Consumer Reports financial policy analyst said Those mistakes can be costly, lowering your overall credit score, which can mean being denied access to credit or a loan, or having to pay more for it in the form of higher interest rates.
CR’s report includes how to get a free credit report, and also outlines steps to get mistakes in your report fixed:
File a dispute with each credit bureau. Experian, Equifax, and TransUnion don’t communicate with one another, so you’ll have to file separately. Go straight to the credit bureau, instead of a lender or bank, so that you can rely on protections that govern how quickly the dispute must be handled and a legal pathway to sue if needed.
Provide evidence. Include any relevant account statements or payment records, along with your dispute notice. Without them, credit bureaus can dismiss claims that don’t come with enough backup information as “frivolous.” Worse, resubmitted claims can be denied if they’re considered similar to previous ones.
Create a paper trail. Don’t file the dispute online, because that doesn’t provide a written record that you can rely on later if needed. And avoid the standardized online forms provided by the credit bureaus, which might oversimplify your dispute by requiring you to choose among predetermined check boxes. Further, by submitting your dispute online, you could unwittingly waive your right to sue as an individual or in a class action. Instead, write a letter explaining the problem.
Send all materials by certified mail. This includes a paper copy of the letter and copies of any financial materials needed to make your case. Keep copies for yourself. This makes it easier to confirm that the credit bureaus follow the required timelines. Credit bureaus have five days to get the disputed information to the financial institution or debt collector that supplied the information. If that company doesn’t investigate and respond to the dispute in time, the credit bureaus are legally required to delete the information.
If that doesn’t work, file a complaint with the CFPB. Do this either at www.consumerfinance.gov/complaint, or call 855-411-2372. The CFPB will investigate your situation and says most companies respond within 15 days.
If you lose your dispute or the problem is severe, consider working with an experienced attorney. The Fair Credit Reporting Act gives consumers the right to sue a credit bureau or financial institution over credit report errors. If a company is found in violation, your legal fees might be automatically covered.
Information from Consumer Reports was used in this report.
