Credit Bureaus Offer Free Credit Reports to Combat COVID-19 Scams

Advertiser Disclosure Editorial Disclosure

Last updated on October 15th, 2020

The coronavirus pandemic is causing a variety of problems for Americans. Beyond the health implications, unemployment is soaring, credit card debt is rising, and missed payments are becoming a reality for millions. Also, scammers are looking to capitalize on the confusion, potentially fleecing consumers of their hard-earned savings. To help ease some of the worries, the major credit bureaus are providing free credit reports for the rest of 2020.

One Free Credit Report, Per Bureau, Per Week, Per Year

The three major credit bureaus are now offering free access to credit reports for the rest of the year. Equifax, Experian, and TransUnion are all giving Americans one free credit report per week, for the rest of 2020. Typically, consumers have access to one credit report from each of the major bureaus every year. The unprecedented impact of the coronavirus, however, continues to cause havoc with finances, leading to this latest development.

Financial Impact of COVID-19

A record number of Americans are finding themselves out of work, causing an over-reliance on credit cards. This reliance, however, comes as lenders are dramatically cutting credit limits – or closing accounts entirely.

While many banks are offering payment relief for consumers, many are still facing the prospect of missed payments. Missing even one payment has a significant impact on a credit score. This event can potentially damage credit scores and result in application rejections, higher interest, and other financial issues in the future.

Using Credit Monitoring for Blanket Security

Because of the impact the coronavirus is having on the economy, the offer of a free credit report every week is almost too good to pass up. Using these reports in conjuncture with a monitoring service, such as MyFICO or TransUnion, lets Americans act on any issues they may encounter in their credit report or credit score. These services also provide a wealth of information to help maintain their credit score and keep their reports secure.

Related Article: 5 Tips to Manage Your Finances After Losing Your Job

Photo by NORTHFOLK on Unsplash

About: Cory
Cory Santos

Cory is's "Jack of all trades" and resident credit expert, covering all facets of the credit card space. Cory holds academic degrees in both the U.S. and U.K. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.

Advertiser Disclosure

BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.

Get the Best Credit Card Content in Your Inbox

Sign up for our newsletter to receive the latest credit card articles and news so you can stay on top of your financial wellbeing.