It’s easy to ignore your credit report, despite the constant online adds offering fake “free” credit report checks. But it’s important to examine your credit report because credit report mistakes matter.
And they matter more than ever because employers routinely review credit reports to see what your payment history looks like. A mistake on your credit report can paint an inaccurate picture of you for a prospective employer.
Whether we like it or not, a credit report is now used by a wide range of companies and individuals to evaluate whether they want to do business with us. Landlords, for example, often review a credit report before renting to a prospective tenant.
Mistakes creep into credit reports because of inaccurate reporting by creditor, or because they fail to update payment information about you.
These mistakes often go undetected and most of us don’t realize the short and long term consequences. Checking your credit report is worth the effort and while you may not see immediate rewards, you’re basically taking charge of your financial history.
Consider this is a matter of sticking up for yourself and making sure that the records about you are correct.
Consumer Advocate Joby Thoyalil of the New Economy Project, formerly(NEDAP) explains why you need to check your credit report.
Ignore the online ads and use annualcreditreport.com. This is a collaboration of the three top credit reporting bureaus: Equifax, Experian,TransUnion. Federal law makes it possible for you to check your credit report for free three times a year.