How to check your credit reports and other free resources

A perk offered to consumers during the pandemic has been extended indefinitely. Your free annual credit reports are available every week at no cost.

Read on for why you should take advantage. Also, learn about other resources to help anyone get a better handle on their finances.

'People don’t want to talk about money'

After raising a family and taking care of an aging parent, Sibyl Mayfield came to Metrocrest Services in Carrollton with a new purpose: to master her finances.

“It's like I forgot about me. I forgot about my needs. I forgot about my goals,” Mayfield said.

In the last year, Mayfield and a Metrocrest Services financial coach met once a month to go over Mayfield’s progress and questions.

“I would tell her what's going on with my finances and what I need help with,” Mayfield said. “She gave me options and things that I could do to better my financial path.”

It’s an example of a free resource for North Texans who aim to increase savings, pay off debt or build credit.

“Sometimes there's shame involved with money. People don't want to talk about money,” said Metrocrest Services Financial Education Manager Diana Lozada.

Lozada said a coach starts with a look at a client’s cash flow: take home income after taxes minus expenses.

“Where are you at right now? How's your cash flow right now? Then from there we can look at the different options,” Lozada explained. “It could be overwhelming. We want to keep it simple. That's why we meet with them often so we can work on little tasks at a time.”

Lozada said she helps clients work on a budget, which includes prioritizing an emergency savings fund. She points out it’s tough to get out of debt if you have to take on more debt for unexpected expenses like a car repair.

“You can go and use your savings instead of using credit again. You're breaking those cycles that are not good for us,” Lozada said.

Lozada said she helps clients sort debt repayment options. Where are the highest interest rates? Is it possible to consolidate? What are the client’s options?

“We can provide tools,” said Lozada. “Maybe we get a loan at a lower interest rate.”

How to check your credit reports

Part of this financial homework involves checking your credit reports. The reports show bank, credit, and loan accounts in your name, along with payment history. By law, consumers are entitled to view their credit report once a year at no charge. All three major credit reporting bureaus now offer online reports free once a week.

“It's a great way to make sure nobody's opening credit or trying to get an apartment or a job in your name,” said Colleen Tressler, senior project manager at the Federal Trade Commission.

Regularly reviewing your reports can flag identity theft. It can also save you money if you spot a mistake.

An error could drag down your credit score, which means you’d pay a higher interest rate on loans.

If you spot a problem, write two letters: one to the business; the other to the credit bureau listing the mistake.

The FTC wrote a sample letter you can use as a template for yours. When you file a dispute, the credit bureau has 30 days to investigate.

"If it's found in your favor, it truly is a mistake, then that credit reporting agency has to fix the error and then they have to report to the other two. So, all three of your credit reports will be in line,” Tressler told our colleagues at NBC Bay Area Responds.

Start at www.annualcreditreport.com. There are other websites, but this is the one consumers can use to access each of their reports for free. It only takes a few minutes.

“It's like anything,” said Lozada. “The more aware we become, the better changes we can make faster.”

You can connect with Metrocrest Services here.

You can find additional nonprofits that offer financial coaching in North Texas here.

Or, go to this site to locate assistance in your area.

You can find self-guided educational resources from the FDIC here.

This site also offers tips on how to create a budget plan, buy a car or improve credit scores.

NBC 5 Responds is committed to researching your concerns and recovering your money. Our goal is to get you answers and, if possible, solutions and a resolution. Call us at 844-5RESPND (844-573-7763) or fill out our customer complaint form.