I can remember being 18 years old and owning my first debit card. I was so excited to be working and earning my own money without having to ask my parents for an allowance. Therefore, I decided to embark on my dreams of being a rapper.
The first thing I did was purchase a keyboard to make instrumentals. Then, I realized that I needed a mixer in order to record my lyrics on tops of the beats. Not only that, I needed a compressor to keep the sound clear and from being too loud or quiet as I was recording on cassette tapes. But, I did not have enough money to purchase the mixer and compressor outright. So, I decided to finance the items through my favorite music magazine entitled Musician’s Friend.
After making monthly payments and paying off the equipment I needed to build my home studio, I saw the benefit of being able to have what I wanted early without paying for it all up front. But there was an even larger benefit that was coming my way. That benefit was the fact that I was building a nice credit report while pursuing my passion.
Later in life I would finance cars, furniture, loans, and more. I even financed a home and opened store credit cards before doing something that should have been done at stage one. Yes; believe it or not I had never checked my credit report. I had heard about it but never found it important for I always paid my bills off. Therefore, like many Americans, when it came to my credit report I simply did not care to know what was on it.
Back in March, the research team of Credit.com found that multitudes of Americans still undervalue the importance of checking their credit reports. The team from Credit.com retrieved their data from a survey they conducted a month earlier involving 4,489 Americans from the age of 18 and up. Long story short; 26 percent of the group who claimed to have never checked their credit report said they never checked it because the report was not important to them.
Back in 2003, the government acknowledged the importance of giving consumers access to their credit statistics. It was at that point that federal law made it legal for every American to be able to obtain a free copy of their credit reports once each year. Believe it or not; since then only a few of the many Americans have taken action to get their free credit reports. The Consumer Financial Protection Bureau (CFPB) discovered that just 16 million Americans (8 percent of US adults with credit records) got their free credit report between the years of 2010-2011.
Other unique findings
In the midst of recognizing that a good number of Americans do not care to check their credit report, some other eye-opening realities were revealed. Within the group:
– 34 percent never considered checking their credit report
– around 40 percent of millennials did not know where to get one
– 29 percent felt that since they paid their bills on time, there was no need to check it
Though all people should care about their credit report, for many it is simply not a concern and I can honestly say I can relate to their feelings on the matter. However, being carelessly careless about something that is important such as your credit report can hurt your plans if somebody else is using your information for their gain and your suffering. But, this is not the only negative possibility when it comes to your credit report. Therefore, I encourage you to check your credit report every year for free.