Consumer Watch: Checking your credit score

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by Andy Treinen

WHAS11.com

Posted on March 3, 2014 at 5:38 PM

(WHAS11)-- The way things have been lately, it's very possible people’s credit score is sliding even if they’ve continued to take care of business as usual.

It's important that people take a moment to figure out who to contact and how.

With these sorts of crediting errors up, the people responsible for resolving them are busy. AARP said only one in five people regularly check their credit scores.

What people don't know really can hurt them. A February report by the Consumer Financial Protection bureau shows just how many disputes and inaccuracies Americans are having with credit card companies. In the last two and a half years, more than thirty-one thousand complaints were filed with the agency.

The top concerns reported included:

  • incorrect information on a credit report,
  • frustration with how credit bureaus handled disputes
  • and trouble getting free credit reports, which of course is required by law.


Experts say these problems indicate there is a lot of finger-pointing going on between credit bureaus and the creditors, ultimately affecting people’s credit

And if people don't take the lead in managing their own credit report, and there are errors on their report, they could get stuck with a higher interest rates on your credit cards and loans.

A lot of times problems on your report are not easy fixes. That is why early identification is so important.

If you have a consumer problem you’d like us to look into send an e-mail to consumerwatch@whas11.com.
 

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