FAQ: Should consumers check their credit reports if they pay their bills on time?
Yes. A consumer may have a long history of on-time rent and utility bill payments, but since these transactions are not reported to the credit bureaus, they would not be counted toward the individual's credit score. In addition, many lenders do not report to the credit bureaus. Therefore, someone can have a perfect credit history of paying bills on-time but no score or a bad credit score. In other cases, a credit report may have wrong information or another consumer's information. So it is important for all individuals to check their credit report each year.
|
