The U.S. Federal Trade Commission recently found that 1 in 5 Americans have an error on at least one of their credit reports. Having an error on a credit report is not the problem for most people, but leaving it there can be.
A credit report affects a person’s ability to get a car or home loan, as well as the interest rate on that loan. An error on a report could indicate that someone was trying to steal your identity to apply for credit. People that aren’t currently looking at acquiring a loan think that they don’t need to check their credit, but often they can be some of the bigger victims of identity theft because they are not checking their credit report regularly.
K-State Research and Extension is offering the program, Check Your Credit, to encourage Kansans to take advantage of their access to free credit reports.
The program is email-based and focuses on reminders three times a year – Feb. 2 (2/2), June 6 (6/6) and Oct. 10 (10/10) – to encourage consumers to request a free report from one of the three primary reporting agencies: Equifax, Experian and TransUnion. One credit report might reflect positive information and another may reflect negative. What you want to do is find the (entries) that are inaccurate.
The process to request a credit report is made simpler by accessing one website www.AnnualCreditReport.com.
In addition to reminding people to check their credit reports three times a year, the Check Your Credit program includes information on understanding your report, correcting errors, and using your credit report to your advantage. There is no cost to participate in the program.
By: Brenda Langdon
