How frequently should consumers check their credit report?

Consumers should check their credit report at least once a year to ensure its accuracy and monitor for any signs of identity theft or discrepancies. Regularly reviewing the credit report can help consumers stay informed about their credit standing, catch any mistakes that might affect their credit score, and take proactive steps to address issues before they escalate.

Annual monitoring is beneficial because it provides ample opportunity to review the report from each of the major credit bureaus. In the United States, consumers are entitled to one free credit report annually from each of the three major bureaus through AnnualCreditReport.com. This practice helps individuals maintain a healthy credit history and can assist in making informed financial decisions.