Credit Check: Review Your Credit Report
Every American Should Conduct an Annual Review of His or Her Credit Reputation
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Informed consumers who take action to protect their individual financial interests and their credit records are the bedrock of a healthy American economy. Our educational infographic helps consumers conduct a basic annual credit health self-assessment to protect one of their most valuable financial assets: their good name.
Knowing your credit is the first step to improving your personal finances.
Yet, far too many Americans remain in the dark when it comes to knowing their credit and this can have negative implications on their interest rates, how much they pay for loans, and even their employability.
Despite about $2 trillion dollars worth of credit card transactions running through the largely digital American banking system, only about 16 million people a year out of about 183 million credit cardholders in the U.S. take the most basic step to protect themselves from fraud and their financial reputations by requesting a free annual credit report directly from the three nationwide credit reporting agencies, according to the newly established U.S. Consumer Financial Protection Bureau and the U.S. Census Bureau, respectively.
While additional consumers may be purchasing or reviewing other types of credit reports - some of which may be of questionable merit - the number of people asking for the readily available, free information they are entitled to from the three credit reporting agencies that produce nearly all of the credit reports sold to banks and other lenders in the U.S. is just a fraction of those who use credit cards or apply for mortgages or installment loans each year.
“One thing we all should have learned from the Great Recession and the housing bubble is that consumers must police the economy at its transactional foundations and must have access to the knowledge and data they need to act responsibly in their own interest,” said Charles Tran, founder of CreditDonkey.com.
Review our infographic above for tips to keeping tabs on your credit health.
(Writing by Annette; Graphic Design by Marco)
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