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Is It Time for Your Annual (Credit) Checkup?


When most people think about annual checkups, a visit to the doctor comes to mind. Annual checkups are an important part of maintaining your physical health. However, many Americans are unaware that their credit reports can also benefit from an annual checkup. Just as yearly physicals can help catch problems early, so too can a yearly review of your credit report.

Although yearly credit checks are highly important, many consumers do not conduct them. A 2015 National Foundation of Credit Counseling (NFCC) study has shown that 2 out of 3 adults have not accessed their credit reports. This number is as alarming as it is dangerous. Negative and inaccurate credit reporting can have a significant impact on your financial health.

Unlike a yearly physical, an annual credit check is free. Free access to your credit reports from TransUnion, Experian, and Equifax is available once every 12 months., among others, provides this service.

However, pulling your credit reports is not enough. Once you have your reports, you need to spend time reviewing them for inaccurate entries. Once you have identified errors in your credit report, it is important to submit any disputes to the credit reporting agencies. In addition to clearing up false credit reporting, an annual review of your report will help you make timely disputes and may also prevent identity theft.

Catching a credit reporting issue early can save your time, money, and financial health. There are solutions available to remedy credit errors; the sooner you act, the faster you will be able to take the necessary steps to correct your credit reports. Although an apple a day never kept the doctor away, three reports a year can prevent lots of tears.

For more information on how to manage your credit, please contact a Chicago concumer lawyer from Atlas Consumer Law by calling (312) 313-1613.