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

1
Access Your Free Credit Report
AnnualCreditReport.com
2
Check Your Credit Report for Errors
Make sure there are no unauthorized accounts on your report
Set up alerts to be notified when there are changes in your report
Build Your Credit If Your Score Is Under 740
Pay your bills on time
Sign up for Experian Boost
Reduce the amount of your debt

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

1
First Set up Your Logins
Log in to Credit Karma and to your Experian account
Look for Settings, Notifications or Alerts — the name varies
2
Turn On Everything That Signals a Change
New accounts opened in your name
New hard inquiries
Changes to your score or your balances
Anything flagged as suspicious or as identity monitoring
3
Choose How You Hear About It
Email is fine for score changes
Text or push notification is better for a new account or inquiry — that is the one you want to know about the same day
4
Do the Same Inside Your Bank Accounts
Most card issuers have their own alerts, usually under Security, Alerts or Notifications
Switch on the credit-related ones as well as the spending ones
Then Actually Read Them
An alert about an account you didn't open is the one that matters
If you see one, freeze your credit — the next section and the video at the top of this page show you how

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

1
Set Up Online Accounts With All Three Bureaus
TransUnion, Experian, and Equifax
Once you've done that, you'll be able to freeze and thaw your credit
2
Find the Right Page
I don't save these websites — every time, I just Google "freeze transunion credit report," or "thaw transunion credit report" when I'm going the other way
Make sure you click through to the real website for TransUnion, Equifax or Experian
The page is usually called credit freeze, add freeze, or unfreeze — sometimes they call it thaw, sometimes unfreeze
3
Keep It Frozen by Default
Once it's frozen, the page will tell you your report is frozen
You could choose to remove the freeze, but leave it on — frozen is where you want it to sit
4
Temporarily Lift the Freeze When You Apply
Choose "temporarily lift freeze" rather than removing it altogether
Enter the date you're applying, which is usually that same day, and tomorrow as the end date
It reverts back to frozen automatically once you've done your application
You have to do this all three times, once at each bureau
If You Forget to Thaw First
You'll usually get denied, or get a note saying they couldn't run your credit and to call back once it's unfrozen
Either way you can call back, tell them you forgot to thaw your credit, and ask them to run your application again — almost all banks will do that

Where to Watch Your Credit for Free

Chase Credit Journey Anyone
Bureau Experian Score VantageScore 3.0 Updates Weekly

Credit score plus your full Experian report, identity monitoring, and dark web surveillance.

Capital One CreditWise Anyone
Bureau TransUnion Score FICO Score 8 Updates Daily

Score plus your TransUnion report, dark web scanning, and alerts that cover both TransUnion and Experian.

American Express MyCredit Guide Anyone
Bureau Experian Score FICO Score 8 Updates Weekly

Score plus your Experian report, a score simulator, goal planning, and identity monitoring.

Discover Credit Scorecard Discover cardholders
Bureau TransUnion Score FICO Score 8 Updates Monthly

Your score, the key factors behind it, and 12 months of score history.

Bank of America FICO Score BofA cardholders
Bureau TransUnion Score FICO Score 8 Updates Monthly

Your score with a trend chart over time, score factors, and a comparison against national averages.

Citi FICO Score Select Citi cardholders
Bureau Equifax Score FICO Bankcard Score 8 Updates Monthly

Your score and the factors behind it. Note this model runs 250 to 900 rather than the usual 300 to 850.

Wells Fargo FICO Score Wells Fargo consumer credit customers
Bureau Experian Score FICO Score 9 Updates Monthly

Your score and score factors. Available on cards, auto loans, mortgages, and personal loans, not just credit cards.

U.S. Bank CreditView Dashboard Any U.S. Bank banking customer
Bureau TransUnion Score VantageScore 3.0 Updates Weekly

Score plus your full TransUnion report, a score simulator, alerts, and goal-setting tools.

Navy Federal Mission: Credit Confidence Navy Federal members
Bureau TransUnion Score VantageScore Updates Monthly

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.

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