I’ve decided to take a break from the series to discuss an alarming statistic I recently learned about credit reports. Yesterday, we discussed how to obtain a free copies of your credit reports. But according to a Consumer Financial Protection Bureau study, fewer than one in five people request copies of their credit report each year. That’s a paltry 20%! Huh? Excuse me? When I read that study, I couldn’t believe it. I purchase my credit reports several times a year. In fact, I count down the days until I can obtain my free ones from AnnualCreditReport.com.
I acknowledge that my behavior is not normal. But I can’t imagine why most people would turn down something as important as a credit report. Especially since its completely free! Think of financial checkup in the same light as you would a health one. You wouldn’t ignore a nagging ache or pain. So don’t ignore your credit report. Unfortunately, most people don’t think about their credit until they want to purchase a car or apply for a mortgage. By then, its too late to do anything about what you may find.
I understand the issue of credit may be difficult for some, especially if your credit is less than satisfactorily. But a financial checkup can help you figure out how you can improve your finances. Even if you boast a 850 credit score, its still important to make sure everything on your credit report belongs to you and is reporting accurately.
How you claimed your free credit reports? How often do you check your credit?