Among older and younger folks, the number is even higher: 44% of seniors and 41% of Millennials haven’t ever checked their credit reports.People between the ages of 30 and 49 were most likely to stay on top of checking their credit ratings. But 14% of people said they go more than a year between credit report checks.
Financial professionals recommend checking credit reports at least once a year, with three times being preferred by many. Up to 80% of credit reports contain at least one mistake, so reviewing them on a regular basis is important in order to maintain the best possible credit score. Tens of millions of Americans are affected by credit report errors, according to the Federal Trade Commission.
The three big bureaus
Experian, TransUnion, and Equifax are the three major credit bureaus that collect information about consumers’ payment habits. From these reports, credit-scoring companies, such as FICO, assign numbers to people, known as credit scores. These range from 300 to 850, with anything above about 700 considered to be good or excellent credit. Lenders use these scores to determine whether or not a potential borrower is a risk.
Credit reports vary between the three bureaus, so it’s important that people carefully review their report from each one. Mistakes on one report may or may not be replicated on another. If an error is found, folks can write to the bureau to dispute the information and correct it. They can also contact the creditor that gave the faulty information to the credit bureau, if they know. There are ways to correct errors and ensure that credit reports are correct; but in order to do this, people must first look at their reports and spot the mistakes.
Having a high score pays off
People with higher credit scores are likely to be offered lower interest rates on credit cards, mortgages, auto loans and all types of loans. They may also have an easier time being approved for an apartment, getting a job, and being approved for rewards credit cards.
The study included a nationally representative sample of 1,000 adults in the continental U.S. and was conducted via telephone. Interviews were given in both English and Spanish and took place April 16-19, 2015.
Read Also Related News
Recently U.S. News & World Report - a multi-platform publisher of news and information, conducted an online credit card debt survey with more than 1,000 adult respondents. It turned out that a huge number of American cardholders were...
Tis the season to spend money we may not have on things we may not need. As the winter holidays approach, many kids are preparing their letters to the North Pole and dreaming of the presents they hope will be under the tree on Christmas...
If you’ve ever had trouble making – and sticking to – a budget, you’re not alone. A recent survey showed that while 92 percent of Americans believe everyone needs a budget to keep their finances in order, only 70 percent are...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...