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A startling 19 percent said they never check their credit report. 

“This is an alarming statistic for us,” said Neil Ellington, executive vice president of CESI Debt Solutions. “Many credit reports have errors, and it is important that people track their finances and the accuracy of what the creditors are reporting.”  

People may not check their reports because they don’t know how, and think it will impact their rating, he said.

“We hear from clients who have lots of incorrect information about credit reports,” Ellington said. “There are several commonly held beliefs that simply are not true.”

Below are the most common myths CESI counsellors encounter.

Myth #1

“If I check my credit report, my credit rating will go down.”

This is absolutely false. Checking your credit report directly with the credit bureaus will not have a negative impact on your report or score. However, applying for credit can affect your credit rating, so be sure to talk to creditors about that when applying for a car loan, student loan, mortgage or credit card.

Myth #2

“FreeCreditReport.com is the best place to receive a copy of my credit report at no charge.”

Not true. AnnualCreditReport.com is the only official site endorsed by the three national consumer credit reporting companies. It allows you to receive one free credit report each year from each of the three national consumer credit reporting companies.

Myth # 3

“My credit report and my credit score are the same thing.”

Wrong. You can receive a free copy of your credit report, but your credit score is not included in this, and there is a small fee to receive it. Your credit score is a reflection or your credit report, and it can vary according to the consumer credit company determining your score.

If you’re interested in speaking with a credit counselling expert from CESI, I’d love to connect you with either the CEO (who founded CESI more than a decade ago) or Ellington, the executive vice president who is a 22-year veteran of the finance industry. They can share more myths, questions and insight, as well as elaborate on the information included here. 

About CESI Debt Solutions

CESI Debt Solutions, a Consumer Education Services, Inc. company, is a nationally accredited 501 (c) 3 non-profit Consumer Credit Agency committed to helping consumers nationwide to become and remain debt-free. A BBB A+ rated company, CESI equips consumers with personal financial tools and educational programs that provide solutions for their financial situations, and offers continued support to help consumers make better financial choices every day. Since 1999, CESI has worked with consumers to repay nearly $2 billion in debt. For more information about CESI Debt Solutions, please visit www.cesidebtsolutions.org.