How to check your credit scores and credit reports

Monitoring your credit is important because it can help you stay on top of your financial health. But how exactly do you check your credit reports and scores? 

Learn about a few free options you can use to monitor your credit, without hurting your credit scores.

What you’ll learn: 

• Credit reports are a record of a borrower’s credit history, credit activity and more.

• The information in credit reports is used to determine credit scores.

• Credit scores can change and differ depending on when they’re calculated and what scoring model, information and data are used in the calculation.

• There are many free ways to monitor your credit scores, including using CreditWise from Capital One.

Understanding your credit scores and credit reports is important for your financial health. A credit score is a three-digit number that can help lenders predict how likely a person is to pay their debts on time. And as the Consumer Financial Protection Bureau (CFPB) explains, “Your credit scores are calculated based on the information in your credit report.” 

Credit reports are statements of your credit history, including information about your credit activity, payment history and the status of your credit accounts. Three major credit bureaus—Equifax®, Experian® and TransUnion®—compile credit reports. Each generates its own credit reports, so the information in your reports may be slightly different. 

Credit-scoring companies, such as FICO® and VantageScore®, then use that information to determine credit scores. From there, lenders might use your credit scores and other information when reviewing your applications.

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There are a number of ways to check your credit scores and reports. Just be aware that some of those places may charge you for the information. 

Here’s where you can go to get a free credit report or free credit score:

AnnualCreditReport.com is a website that’s authorized by the federal government to provide free copies of your credit reports from each of the three major credit bureaus. You can also request your reports by calling 1-877-322-8228. Keep in mind that your credit scores won’t appear on your credit reports.

You can also sign up for CreditWise from Capital One. It’s free to all—even if you don’t have a Capital One credit card. It has tools to help you understand your credit score, keep up with changes to your credit and monitor your personal information. And using CreditWise won’t affect your credit scores.

You could also find out what free options are available from the credit bureaus or credit counselors. If you find tools online, just make sure they’re trustworthy and not a scam.

You’ll need to verify your personal information in order to check your credit scores and reports. This is for your protection—credit bureaus want to keep your financial information secure. You’ll need to provide some basic personal information including your name, date of birth, Social Security number (SSN) and address. You may have to provide other data—information only you know, such as the amount of your monthly mortgage payment.

According to Experian, you should check your credit reports at least once a year. Knowing what’s in your reports can help you better understand your credit. And if you find inaccurate information, you can take action to have it corrected.

Checking your scores won’t affect your credit, as long as the service uses a soft inquiry—like CreditWise does. That’s why you can use CreditWise to check your credit as often as you like, without hurting your scores.

It’s good to get in the habit of checking your credit reports and credit scores regularly. Here’s why keeping an eye on your credit can be a good idea:

Your credit is important because lenders use it to determine whether to approve loan applications and to set interest rates and terms. So the better your credit, the better your chances of qualifying for things like credit cards, mortgages and other loans—and the better your rates and terms might be. 

Monitoring your credit can help you know where you stand. But it’s important to note that decisions about loan applications or credit cards are ultimately up to each lender. And because there are multiple scores and reports out there, what you see in the reports and scores you’re given might not be exactly the same as what lenders use to judge creditworthiness.

If you’re looking to improve your credit, monitoring it can also help you track your progress and give you an idea of where there might be room for improvement.

Checking your credit regularly and keeping an eye out for any unusual activity can also help you spot identity theft and scams. Tools like CreditWise can help you protect your credit. With CreditWise, you can receive alerts about some changes to your TransUnion and Experian credit reports that could indicate fraudulent activity.

Sometimes errors can occur on your credit reports. If you think the information on yours is suspect or inaccurate, you can file a dispute. You can either contact the lender or creditor that made the error or you can contact the credit bureau itself. Since errors have the potential to negatively impact your credit scores, it’s a good idea to file a dispute as soon as you notice them.

Knowing how to check your credit scores and get copies of your credit reports is an important part of managing your finances. By monitoring your credit, you’ll have an idea of what lenders see when they review your credit. And you’ll be better able to spot any errors on your reports that may need to be corrected. 

If you’re ready to take the next step toward monitoring your credit, consider signing up for CreditWise. You can use CreditWise to access your credit report and credit score for free anytime—without negatively impacting your scores. And with the CreditWise Simulator, you can even see the potential impacts of several financial decisions on your credit score before you make them.