Question of the Day: How often do the credit reporting agencies (Experian, Equifax and TransUnion) allow consumers to check their credit report for free?
Answer: Weekly
Questions:
- These credit reporting agencies typically allow consumers to check their reports annually for free. Why do you think they are now offering to let consumers check on a weekly basis?
- Given the current economic challenges, what do you think happens to a consumers ability to pay off their debts (e.g., student loans, home loans, credit cards, auto loans)?
Behind the numbers (NerdWallet):
The three major credit-reporting agencies announced Monday that consumers can get free weekly credit reports from now through April 2021...
"Right now the law gives us the right to one per every 12-month period," said credit expert John Ulzheimer, who applauded the move.
"That may have made sense in 2003 when that went into effect, but it doesn't really make sense in 2020," he said in an email. "This move by the credit bureaus is a great idea because we really should be checking our credit reports once every statement cycle, which is basically once a month."
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Check out this Fine Print: Credit Report to teach students the ins/outs of reading this very important financial document.
Take it another step further and have your students predict credit scores using this FICO Score Simulator.
About the Author
Tim Ranzetta
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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