It Pays to Check Your Credit Report
February 11, 2013 by Bob Schoshinski Assistant Director, Privacy & Identity Protection
The FTC recently completed its fifth national study on the accuracy and completeness of consumer credit reports. A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued, or have filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
Overall, one in five people who participated in the survey found at least one potentially significant error on at least one of their credit reports that was subsequently corrected by Experian, Equifax, or TransUnion. The good news: After completing the dispute process, some people saw improvement in their credit score.
A higher credit score means you’re likely less of a risk, and in turn, means you’ll be more likely to get credit – or pay less for it. So you see, it can pay to check your credit report. It doesn’t take much time, and you can do it for free. If you notice something wrong, contact the credit reporting company and business providing the information to correct the error. You want to make sure everything is accurate – especially before you buy a house or a car, or apply for a job. So take a few minutes to review your credit report today. It may save you some money and frustration.