The Brave New World of Credit Monitoring: Weekly Credit Reports

The Brave New World of Credit Monitoring: Weekly Credit Reports

Itching to find out what lenders think of you and your financial history? Well, you can find out today ... and then check it again next Wednesday—and it won’t cost you a dime.

Credit Karma is now giving users free access to their full credit report, which they can refresh weekly. Even better? The report will be customized with tips for each consumer on how to improve his or her credit score.

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Up until now, consumers have only been able to get a free credit report from each of the three major credit bureaus (Equifax, Experian and TransUnion) once a year. Typically, the report lists every line of credit you’ve ever opened and indicates whether you’ve been punctual with your payments. You’ll also see details about how long each account has been open, how much you owe on each account, your credit limits, as well as any recent credit inquiries.

If that sea of data sounds intimidating, the new system makes the information a bit more digestible. The report indicates any items that could be damaging your credit score—such as a recent hard inquiry or a series of missed payments—and recommends actionable ways to boost it.

Previously, Credit Karma allowed its 25 million-plus users to see their credit score for free—but never their credit report. In fact, as many as one-third of consumers have never even so much as glanced at a copy.

So what's the big deal about being able to review your credit history more often? For one thing, you’ll be able to spot (and dispute) errors faster. You’ll also get a better idea of the kinds of loans, like a mortgage, you’re likely to get approved for.

Finished checking your free weekly report? Don’t forget to stop here for even more guidance on how to bump up your score.

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