This is an excerpt from CNBC’s weekly Make It’s newsletter. Subscribe here.
The personal information of tens of millions of T-Mobile customers, including names, dates of birth, Social Security numbers and driver’s license numbers, was recently stolen, the company confirmed last week.
Data breaches like this are becoming more frequent, so much so that many people limit them (I know) and still don’t check if they’ve been affected. And if your information is part of this breach, well, you can’t do much to correct the situation.
But you can and should stay alert to possible fraud. And there’s a relatively simple, free way to check this inaccuracy and others in your financial history – by taking out your credit report regularly.
There are a few different versions of this financial document, but you’ll want to get yours from one of the top three U.S. credit bureaus, Equifax, Experian, or TransUnion.
Luckily, it’s never been easier to check. Typically, under federal law, consumers can download each report for free (there are now many sources that can get you a report, although some will charge you). But thanks to a Covid-era law, you can now view your report from each of these offices for free each week until April 20, 2022.
Even if you don’t suspect fraud or think there’s anything outside of your finances, periodically checking your report is a smart decision, says Margaret Poe, head of TransUnion consumer credit education.
“It should just be a step that regular consumers take every day as part of their overall financial habits,” says Poe, who notes that he can show all of your credit and loan balances, a history of punctual and overdue payments, the credit usage rate and more. It’s essentially a convenient snapshot of everything you owe.
To check your report, go to AnnualCreditReport.com, a site authorized by federal law to provide a report from all three offices. It is usually not advisable to review all three reports available on this site at once; distributing them throughout the year is a safer option because you don’t have to wait 12 months to see them again. But since you can get them all out for free right now, it’s not a concern right now.
What to do if you detect an inaccuracy
Review all the information in the report you choose and see if there’s anything suspicious – for example, an open account that you don’t recognize or that you reported late or lost payments that you know you made on time.
If there is something wrong, you will want to report it directly to the office. Here’s how to do it in Equifax, Experian, and TransUnion. You’ll also want to notify the credit card company that reported the history. If there is an ABC Bank loan that you have not opened, you can go directly to ABC Bank to try to fix the problem.
Poe also suggests freezing your credit and putting a fraud alert on your account if you think you’re a victim of identity theft, which you can do on every office’s website. You can also sign up for a credit check service, which usually includes a monthly fee, or opt for a credit lock, which is easier to lift than freeze and offered by each office.
I pulled out my Equifax report while writing this article; All in all, the process of requesting it and looking for errors took about 15 minutes. It’s certainly not a great lift and I feel better with my financial security.
Just keep in mind: you also can’t see your credit score when you take out the report. To see this, you can use a service from a bank or a credit card issuer.
Sign up now: Get smarter about your money and your career with our weekly newsletter
Do not miss: The rent is about to go up again; here’s why