How to check your credit reports and other free resources

During the pandemic, a perk offered to consumers has been extended indefinitely: free access to their credit reports, which are now available every week at no cost. Read on to discover why you should take advantage of this opportunity and learn about other resources to help you gain better control over your finances.

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‘Sharing and discussing financial matters is often avoided’
After raising a family and caring for an aging parent, Sibyl Mayfield arrived at Metrocrest Services in Carrollton with a new goal: to take charge of her finances.

“It’s as if I neglected myself. I forgot about my own needs and goals,” Mayfield expressed.

Over the past year, Mayfield met monthly with a financial coach from Metrocrest Services to review her progress and address any questions she had.

“I would discuss my financial situation with her and seek guidance on areas I needed help with,” Mayfield shared. “She provided me with options and suggestions to improve my financial path.”

This serves as just one example of a free resource available to North Texans aiming to bolster their savings, eliminate debt, or enhance their credit.

“Money matters can often evoke feelings of shame. People tend to avoid discussing finances,” explained Diana Lozada, Financial Education Manager at Metrocrest Services.

Lozada noted that coaching typically begins with an assessment of a client’s cash flow: their net income after deducting expenses.

“We start by assessing their current financial situation: how’s their cash flow? From there, we explore various options,” Lozada elaborated. “It can be overwhelming, so we strive to keep it simple. That’s why we meet with them regularly, focusing on small tasks at a time.”

Lozada assists clients in creating a budget, emphasizing the importance of prioritizing an emergency savings fund. She highlights the challenge of overcoming debt if one must resort to borrowing for unexpected expenses like car repairs.

“By utilizing your savings instead of accruing more debt, you break detrimental cycles,” Lozada emphasized.

Furthermore, Lozada aids clients in navigating debt repayment options, assessing factors such as interest rates and potential consolidation opportunities.

“We equip clients with tools and strategies, such as securing a loan at a lower interest rate,” Lozada stated.

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How to Access Your Credit Reports
Part of this financial groundwork involves monitoring your credit reports, which detail your bank, credit, and loan accounts, along with payment history. By law, individuals are entitled to one free credit report per year from each of the three major credit reporting bureaus. Now, these reports are available online free of charge once a week.

“This is a valuable opportunity to safeguard against identity theft and identify any inaccuracies that could impact your credit score,” explained Colleen Tressler, Senior Project Manager at the Federal Trade Commission (FTC).

Regularly reviewing your credit reports can alert you to signs of identity theft and potentially save you money by catching errors that might adversely affect your credit score.

An error on your credit report could result in a lower credit score, leading to higher interest rates on loans. If you detect any discrepancies, it’s essential to take action by submitting dispute letters to both the business and the credit bureau reporting the error.

The FTC provides a sample dispute letter that consumers can use as a template. Once a dispute is filed, the credit bureau has 30 days to investigate the matter.

“If the error is confirmed, the credit reporting agency must rectify it and update the other two bureaus accordingly. Thus, all three of your credit reports will be consistent,” Tressler explained.

Begin by visiting www.annualcreditreport.com, the official platform for accessing your credit reports for free. While there are other websites available, this is the designated site for consumers to access their reports at no charge, a process that only takes a few minutes.

“The more informed we are, the quicker we can implement positive changes,” Lozada emphasized.

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NBC 5 Responds: Your Consumer Advocates
NBC 5 Responds is dedicated to addressing your concerns and resolving your financial matters. Our mission is to provide answers, solutions, and resolutions whenever possible. Reach out to us at 844-5RESPND (844-573-7763) or complete our customer complaint form.

For additional resources and nonprofit organizations offering financial coaching in North Texas, please visit Metrocrest Services, or explore assistance options in your area via this site. You can also access self-guided educational resources from the FDIC, covering topics such as budget planning, car purchasing, and credit score improvement.