When it comes to understanding your credit, it can feel as complicated as trying to solve a Rubik’s cube. Frustrated by this confusion, many consumers neglect their credit, which can have a devastating impact on their financial futures.
A Consumer Action study recently revealed that 27 percent of Americans have never checked their credit report. That’s alarming, because it’s estimated that a large numbers of consumers have errors on their credit reports that could damage their credit.
I found this out several years ago when I found an error — a canceled account that was being reported as delinquent — hurting my credit. In my research, I have identified three sneaky things that are hurting other people’s credit, too. Surprisingly, they could be fixed in 15 minutes or less.
First, you need to get your credit report, and you should go to AnnualCreditReport.com. From this site, you can request your free credit report once a year from the three major credit reporting agencies — Equifax Experian and TransUnion. You can also access your credit score there, but you’ll have to pay a small fee. Click here for more.