Credit Scores · Action Step
Action Step: How to Monitor Your Credit
Before you start opening credit cards — and as you continue to open them — you'll want to monitor your credit.
By monitoring your credit you ensure that you are the only one taking out lines of credit in your name, and you make sure that your credit score stays high enough to continue this hobby.
I have a video in the Best Free Tools section all about how to set up free alerts for your credit report.
How to Check Your Credit Report
Annual Credit Report allows you to access all three of your credit reports for free once per week. You'll want to access TransUnion, Equifax, and Experian.
Spend some time looking over your report to make sure everything is legitimate. I also recommend you set up alerts with Credit Karma and Experian so that you are notified of any changes in your credit report — new inquiries, new accounts, payments, anything.
Many credit card issuers provide access to your credit history and score within your online account. They pull from different bureaus and their scores may be slightly different from your FICO Score, but they give you an idea of what is happening with your credit. After you enable these free services, you will also receive alerts from your bank about changes to your credit report.
How to Check Your Credit Report
Access Your Free Credit Report
Check Your Credit Report for Errors
Build Your Credit If Your Score Is Under 740
How to Set Up Credit Alerts
Alerts are what turn a one-off credit check into actual monitoring. Set them up once and you'll hear about anything that changes on your report without having to remember to go and look.
Setting Up Alerts
First Set up Your Logins
Turn On Everything That Signals a Change
Choose How You Hear About It
Do the Same Inside Your Bank Accounts
Then Actually Read Them
Freezing and Thawing Your Credit
The video above shows how easy it is to freeze and thaw your credit reports. This is a really important step that everybody should be taking.
"Frozen" means that banks should not be able to read your credit report. Ideally that helps prevent identity theft by preventing someone from opening an unauthorized account in your name.
Your credit reports should be frozen by default — and then when you want to go and apply for new credit, that's when you go in and thaw them for a day.
How to Freeze and Thaw
Set Up Online Accounts With All Three Bureaus
Find the Right Page
Keep It Frozen by Default
Temporarily Lift the Freeze When You Apply
If You Forget to Thaw First
Where to Watch Your Credit for Free
Credit score plus your full Experian report, identity monitoring, and dark web surveillance.
Score plus your TransUnion report, dark web scanning, and alerts that cover both TransUnion and Experian.
Score plus your Experian report, a score simulator, goal planning, and identity monitoring.
Your score, the key factors behind it, and 12 months of score history.
Your score with a trend chart over time, score factors, and a comparison against national averages.
Your score and the factors behind it. Note this model runs 250 to 900 rather than the usual 300 to 850.
Your score and score factors. Available on cards, auto loans, mortgages, and personal loans, not just credit cards.
Score plus your full TransUnion report, a score simulator, alerts, and goal-setting tools.
Score plus your TransUnion report and a credit simulator.
These programs change. What each one offers, which bureau it pulls from, which scoring model it uses and who is eligible can all change without notice. Always check with the bank directly before relying on any of it.
You've Completed the Credit Scores Module!
You now understand how credit scores work, how they're calculated, how to keep yours high while opening cards, and how to monitor everything. Next up: Credit Card Basics.
