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Credit

Credit Report

Your Credit Report Just Got Easier to Understand

Photo illustration of a credit card, with a swirl of random numbers in the background

Money; Getty Images

Your credit report is getting a reader-friendly makeover.

Equifax, one of the three major credit bureaus, unveiled on Thursday a new design for its physical credit report, which now prominently displays your credit score at the top along with a breakdown of the factors that help and harm it.

"The new U.S. consumer credit report design was undertaken in direct response to consumer feedback," Tina Shell, a senior vice president at Equifax, said in a news release.

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Credit reports, which typically do not include credit scores, are detailed credit files that may include addresses, employment information and payment histories for loans, credit cards and other financial products. These vital financial dossiers have long been criticized as difficult for consumers to understand.

In a focus group conducted by the Consumer Financial Protection Bureau, or CFPB, participants described credit reports as “hard to get, and hard to read.” And in a consumer complaint lodged to the CFPB earlier this year, a Pennsylvania resident railed against the credit bureaus over trying to upcharge for access to credit reports and scores.

“How can the companies in charge of ... publishing my credit report be fair if they are constantly trying to sell me their products?” the complaint reads. “There has to be a better way.”

In recent years, the three credit bureaus, Equifax, Experian and TransUnion, have taken other steps to make it easier for Americans to monitor their credit. Legally, the Fair Credit Reporting Act mandates that the bureaus give Americans access to at least one free credit report per year. But during the pandemic, the bureaus began allowing people to check their credit reports weekly. In 2023, that policy became permanent. That same year the three bureaus also removed medical debt in collections of up to $500 from their reports amid pressure from the Biden administration.

In October 2024, Equifax announced it would add credit scores to its physical reports. According to a company spokesperson, the updated version released Thursday features the score more prominently and includes easy-to-read tips on how your score is calculated.

An Experian spokesperson told Money that the bureau began adding credit scores to its reports in 2021. TransUnion did not respond to Money’s request for comment on whether it has plans to show credit scores on its reports.

How to check your credit report and score for free

With its redesigned physical credit report, Equifax lets you check your credit report and score for free at the same time. However, the physical copy is the only version of your Equifax report that currently includes your score (VantageScore 3.0) at the top by default.

You can request a physical copy by phone at 1-888-Equifax or by mail:

Equifax Disclosure Department
P.O. Box 740241
Atlanta, GA 30374

Alternatively, you can create a free myEquifax account to view your credit report online. To view your credit score through your online profile, however, you will need to sign up for a service called “Equifax Core Credit.” While this service is free, the agreement allows Equifax to advertise financial products and services to you and share your financial data with its affiliates unless you opt out. After you've signed up, your profile will display your credit score and the factors affecting it, much like the new physical report.

At annualcreditreport.com, you can also request your credit reports from Equifax, Experian and TransUnion at the same time, for free. (Despite the website’s name, reports are available weekly.) Money tested whether credit reports from Equifax and Experian obtained through this website included credit scores, and they did not.

Other free ways to check your credit score include:

Online through your bank, credit union, credit card provider or a personal finance company. Depending on the institution, you can check your VantageScore or your FICO score, usually through the mobile app.

The other credit bureaus: Experian and TransUnion also allow you to check your scores for free on their websites. (Be mindful that you’re not accidentally signing up for a paid service while creating your accounts.)

Directly through FICO: While many apps and financial institutions offer ways to check your FICO score, you can also check a free version of your FICO score at myFICO.com.

Depending on where you check your credit score, you may get a slightly different number. That’s because you have numerous versions of your credit score.

Usually, you will see one of the two main credit scores — a VantageScore or FICO score (there are many different models within these two types). Each lender or industry has a preferred model they check when you apply for credit. With personal finance or budgeting apps, you may even come across an “educational” version of your score, which is not an official score and isn’t viewed directly by lenders. Don't assume the highest version of the score is the one your bank or lender is going to see.

As you monitor your credit, beware of the upsell. Make sure you aren’t paying for credit information that you could have gotten for free.

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