It’s a good idea to keep an eye on your credit report, especially during the pandemic, to help prevent fraud and inaccuracies that can ruin your credit score.
SACRAMENTO, Calif. – Many Californians have gone through difficult financial times as a result of the pandemic. For some it means asking mortgage Where student loan abstention, both of which could impact their credit rating if not treated properly.
Whether forbearance is ongoing or has ended, according to Rod Griffin, senior director of consumer education and advocacy at Experiential, a major credit reporting agency, which today makes a great time to check your credit report. It is important that your report accurately reflects your situation.
“Ensuring that these accounts are reported correctly, that at the end of the forbearance periods, they are reported and updated appropriately,” Griffin said.
Griffin said it was also a good way to protect against fraud.
“If you’re a victim of identity theft, getting that report, knowing… what’s in it can alert you to identity theft much faster so you can respond quickly. It will also be crucial, ”he said.
Everyone is entitled to one free credit report per year by law, but now until mid-April, you can check your report for free every week. A monthly check should be enough for most people, but the important thing is to check.
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“I tell people ‘check your credit reports’ and their heads drop, and they say, ‘I don’t want to know what’s in there,'” Griffin told ABC10’s Dollars and Sense. “I always tell them, ‘There’s nothing you can do about it until you do it, and it’s probably not as bad as you think. “”
It’s also a good way to jog your memory, Griffin said.
“I’ve spoken to people who will look at their reports and find they have accounts they hadn’t thought of. Maybe they had a credit card account, they put it in a drawer somewhere and forgot it was there. They can take steps to make sure they are there for them, that they are open and active if they need to, ”he said.
Ultimately, credit reports are like the keys to your financial future.
“I always encourage people to know what’s in this report. Knowledge is power. It’s cliché, but it’s true. And the more they know and the more engaged they are, the more financial power they will have, ”Griffin said.
Here is one last useful knowledge. Despite what you may have heard, Griffin said checking your report does not affect your credit score.
“You can check your own credit report as often as you like. It won’t hurt your credit scores. It’s a huge myth that you don’t have to worry about, ”he said.
To find out what’s on your credit report, go to annualcreditreport.com. Free weekly credit reports are available until April 20, 2022.
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