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Thursday, November 21, 2013

200 million credit files: Yours is one of them

Surprisingly, 65% of adults have never checked their credit report, and 60% of those adults have never viewed their credit score. Your credit score says a lot about you, and it can impact some of the largest purchasing decisions in your life. www.quizzle.com has created an infographic exploring how your credit score can affect your financial picture.

It’s a fact: ignoring your credit score may cost you. It affects whether you are approved-or denied-a loan, helps protect against identity theft, and also determines your ability to buy a car, house, or insurance.

This infographic also details how a low credit score could cost you an extra $100,000 in interest when paying for a home.

Ignoring your credit report can also leave you unaware of mistakes that could drop you into a lower credit score bracket. In fact, a Federal Trade Commission study in 2012 found that 25% of consumers found errors on their credit report. 20% had an error corrected by filing a dispute. 80% of those individuals that filed a dispute saw a modification to their reports, 10% found a change in their credit score, and 5% had a score increase of up to 25 points.

The big three credit bureaus, Equifax, Experian, and TransUnion, have at least 200 million credit files. If 1% of these consumers had a score change of 25 points, 2 million consumers would benefit from paying less on their loans and interest.

Feel free to like, share, and comment on this infographic entitled “200 Million Credit Files: Yours is One of Them” from www.quizzle.com!

200 million credit files: Yours is one of them (INFOGRAPHIC) - An Infographic from Quizzle Wire
Fixing a credit reporting error may boost your individual credit score
Embedded from Quizzle Wire