Why Haven’t You Checked Your Credit Report?
Although checking your credit report is one of the best and easiest ways to keep more of your own money in your pocket, many people neglect to check their credit report at all. In fact, as many as 50% of people that have a credit profile have no idea what information has been added in the last three years and this is one of those cases where what you don’t know can hurt you.
The most common reasons for neglecting to check a credit report is the cost of obtaining the actual report, believing that what is in the credit report is already known, and believing that knowing what is in the credit report will not be of any benefit because the information included cannot be changed. Most people would be surprised that none of these reasons are completely accurate and are no excuse for not learning what has been reported to the credit bureaus and entered onto their credit report.
Reason: Cost Of Obtaining The Report
Many people do not check their credit report because they believe that it will cost them money to obtain the report or that they will have to pay for some type of service in order to view their report. The truth is that every person is allowed to access their credit reports from the three major credit bureaus for free every year.
Government legislation has dictated that each of the major credit bureaus (Experian, Equifax, and Trans-Union) must provide one free credit report each year to any consumer that requests the information. This allows the consumer to see what is contained in their credit report without having to spend a dime of their own money.
Reason: Already Aware Of What Is In The Report
Some people believe that they already know what is in their credit report based on their memory of how they have conducted their financial transactions in the past. Unfortunately, experts estimate that nearly 25% of all credit reports contain incorrect information and fraudulent transactions.
If mistakes have been made on your credit report or someone else has been using your personal information to obtain credit fraudulently, you will never know until you have your credit history pulled. Many people only learn of the incorrect information on their credit report after they have applied for additional credit and have been denied, causing a financial headache for the consumer as these mistakes can be difficult to correct after an extended period of time has passed.
Reason: Information Cannot Be Changed
Many people believe that there is nothing that they can do to change the information that has been reported to the credit bureaus for inclusion on their credit report, so obtaining their credit report would be a futile pursuit. The truth is that federal legislation has made it possible for any consumer to challenge the information in their credit report if the information is inaccurate and the credit bureaus are required by law to investigate any allegations of inaccuracies in a credit report.
These rules prevent the consumer from being denied credit because of mistakes in their information or deliberate attempts to ruin their credit rating by third parties. The credit bureau will request information from both the consumer and the creditor for review and will make a determination as to whether the information included in the credit report is correct. Any inaccurate information must be removed from the credit report as quickly as possible.
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