Updated: 10:22 AM EDT Apr 15, 2021
Asa Aarons Smith
When the pandemic began last year, the economy sputtered, income fell, and almost everyone worried about paying their bills. In response, the three major credit reporting agencies made it easier for consumers to access their credit reports free of charge. They made their hefty trove of data more accessible — and allowed Americans to temporarily access their credit reports for free once weekly instead of once every 12 months as generally required by federal law. That temporary change was supposed to end next week.But I have good news. The big three credit reporting agencies — Equifax, Experian, and TransUnion — will continue to offer free weekly credit reports until next April to help Americans continue to track their financial health."They're continuing it because the pandemic has continued. Once a week is overkill, but if you haven't done it yet this year, please go to annualcreditreport.com. This is your reminder for 2021 to go ahead and do it this week. Pull all three reports and save electronic copies," said Richard Reeve, Director of Financial Education, Consumer Credit Counseling Service of the Savannah Area.Credit is mysterious and almost magical, especially for first-time users. Chandler Phillips of Beaufort County, South Carolina, explained. He said it was "quick and easy" to apply for credit to buy a new truck. And he credits an accurate credit report for speeding the process."It's important to keep up with it and make sure you have a good credit score and pay all your bills," he said.Consistently checking your credit is essential, especially today when emboldened scammers target everything from stimulus checks to unemployment benefits.Additionally, the federal CARES Act required many creditors to report accounts in temporary forbearance as current instead of past due, including federally backed mortgages and federal student loans. This can have a significant effect on your credit score. It's up to you to make sure everything is correct."Things can escalate quickly," Reeve said. "And we don't want that. So make sure you know the status of your mortgage. And check your credit card payments. A lot of creditors made concessions. Make sure you understand what those concessions mean when your time might be up for any forbearance or period of nonpayment. Know when those will kick in and verify your credit report matches those terms."Visit annualcreditreport.com to get your free credit reports from the Big Three credit reporting agencies — and feel free to check as often as weekly for another year.Have a consumer question? Write me here at WJCL-TV: Asa@AskAsa.com.