Your credit report is receiving a significant and user-friendly redesign.
Equifax, one of the three primary credit bureaus, announced on Thursday a fresh layout for its physical Credit reports. This new design prominently features your credit score at the very top, accompanied by a comprehensive breakdown of the factors that positively and negatively influence your score.
“The new U.S. consumer credit report design was developed in direct response to consumer feedback,” stated Tina Shell, a senior vice president at Equifax, in a recent news release.
Credit reports are detailed documents that typically do not include credit scores. They contain information such as addresses, employment details, and payment histories related to loans, credit cards, and various other financial products. These essential financial records have often faced criticism for being complicated and challenging for consumers to interpret.
In a focus group organized by the Consumer Financial Protection Bureau (CFPB), participants described credit reports as “difficult to obtain and challenging to read.” Furthermore, in a consumer complaint submitted to the CFPB earlier this year, a resident from Pennsylvania expressed frustration over credit bureaus attempting to charge fees for access to credit reports and scores.
“How can the companies responsible for publishing my credit report be fair if they are constantly trying to sell me their products?” the complaint stated. “There must be a more equitable solution.”
In recent years, the three major credit bureaus—Equifax, Experian, and TransUnion—have taken several initiatives to simplify the process for Americans to monitor their credit. Under the Fair Credit Reporting Act, these bureaus are legally required to provide at least one free credit report per year to consumers. However, during the pandemic, they began allowing weekly checks of credit reports, a policy that became permanent in 2023. Additionally, in the same year, the bureaus removed medical debt in collections of up to $500 from their reports due to pressure from the Biden administration.
In October 2024, Equifax announced its plan to include credit scores in its physical reports. A spokesperson from the company noted that the updated version released on Thursday prominently features the score and includes straightforward tips on how the score is calculated.
A representative from Experian informed Money that their bureau began incorporating credit scores into reports in 2021. Meanwhile, TransUnion did not respond to Money’s inquiry regarding future plans to display credit scores on its reports.
Steps to Access Your Credit Report and Score for Free
With its newly redesigned physical credit report, Equifax allows you to check both your credit report and score for free simultaneously. However, it’s important to note that the physical copy is currently the only version of your Equifax report that automatically includes your score (VantageScore 3.0) at the top.
You can request a physical copy by calling 1-888-Equifax or by sending a mail request to:
Equifax Disclosure Department
P.O. Box 740241
Atlanta, GA 30374
Alternatively, you have the option to create a free myEquifax account to view your credit report online. However, to access your credit score through your online profile, you must enroll in a service called “Equifax Core Credit.” Although this service is free, the agreement permits Equifax to market financial products and services to you and to share your financial data with affiliates unless you choose to opt out. After signing up, your profile will display your credit score and the factors influencing it, similar to the new physical report.
You can also visit annualcreditreport.com to request your credit reports from Equifax, Experian, and TransUnion at the same time, free of charge. (Despite the name of the website, credit reports are accessible weekly.) Money tested whether credit reports from Equifax and Experian obtained via this website contained credit scores, and they did not.
Other free methods to check your credit score include:
- Online access through your bank, credit union, credit card provider, or a personal finance company. Depending on the institution, you may be able to view your VantageScore or FICO score, typically available through their mobile apps.
- Other credit bureaus: Experian and TransUnion also allow you to check your scores for free on their respective websites. (Be cautious not to accidentally sign up for a paid service while creating your accounts.)
- Directly through FICO: While numerous apps and financial institutions provide ways to check your FICO score, you can also access a free version of your FICO score at myFICO.com.
Be aware that depending on where you check your credit score, the number you receive may vary slightly. This variance occurs because there are several versions of your credit score.
Typically, you will encounter one of the two primary credit scores — a VantageScore or FICO score (with various models existing within these two categories). Each lender or industry tends to favor a specific model when you apply for credit. When using personal finance or budgeting apps, you might even see an “educational” version of your score, which is not an official score and is not directly viewed by lenders. Therefore, do not assume that the highest version of your score is the one your bank or lender will see.
As you keep track of your credit, be cautious of potential upsells. Ensure that you are not paying for credit information that is available for free.
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