Have you ever checked your credit rating? Almost a quarter of Americans haven’t according to a study published by FindLaw.com.
Key stats reported in the study include:
- Twenty-two percent of Americans have never checked their credit report to verify the accuracy of the information, even though by law, credit reporting agencies are required to provide free copies upon request.
- Women are more likely than men to check their credit reports.
- Twenty-five percent of men have never checked their credit reports, compared with only 18 percent of women.
- People with more income are somewhat more likely to check their reports. However, a significant percentage of people even at the highest income levels say they have never checked their credit reports, including 14 percent of people with household incomes of $75,000 a year or more.
A credit report is an overview of how much debt a person currently has, as well as whether he or she has a history of making debt payments on time. It also contains personal information such as recent home addresses, employers, and bankruptcies and court judgments.
“The accuracy of your credit report can have a major impact on your finances, and even your chances of obtaining a job,” said Stephanie Rahlfs, an attorney and editor with FindLaw.com. “Inaccuracies in information such as late payments or defaults could play a major role in whether you can obtain a home mortgage, credit card, car loan and other types of debt, and how favorable your terms will be, such as interest rates. Credit reports are increasingly used in background checks, and could determine whether you are offered a job or rental housing.”
Get in touch with MYB to learn more about how credit checks play a role in gaining employment, or how they can ensure an employer is able to maintain a safe and productive workforce.