A free credit report should be available more frequently
A free credit report allows the consumer to keep up to date with not only their creditworthy position but also acts as a signal that red flags indebtedness. Not too long ago, Americans were knee deep in a financial crisis that threatened to plunge the global economy down the drain, and the main culprit was credit lenders all too eager to afford credit to already indebted consumers.
Now considering just how calamitous that entire episode was, and how keeping up to date with one’s own financial situation could have aided in preventing the credit crisis from spiralling to the edge of a precipice,; one questions the reasoning behind annual free credit reports versus more frequent ones. It stands to reason that since debt accumulates gradually over time, one should frequently keep oneself informed as to how much debt one has amassed before it’s too late. By accessing ones credit report more frequently during the year, early red flags can be duly dealt with.
This by no means advocates the dishing out of an unlimited number of credit reports all year round, but certainly, if a credit report is to serve the best purpose then a free credit report more than one a year is in order.