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Money Saving Monday: Three things to check on your credit report

From now on you get your credit reports free once a week
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DENVER — New data from one of the country's biggest banks shows a record number Americans are making just the minimum credit card payment. That number just hit a 12-year high of 10.75%.

On top of that, the amount of past-due balances rose at the end of 2024, 10% higher than the end of 2023.

Missed payments will have a big impact on your credit score, and that could both cost you money and make it harder to save.

Denver7 spoke with Alicia Seitz, from Premier Members Credit Union, about what you should look out for on your credit report.

First, Seitz said a bad score can make it hard to get a loan, apply for a lease, or put a deposit down on a big purchase. But a good score can get you better credit card rewards, discounts on insurance, and help you save on interest for big things like mortgages and car loans.

Seitz said it's important to check your credit report often so you can catch any errors that come up. That could be anything from a misspelling of your name to an incorrect balance.

Money Saving Monday: Three things to check on your credit report

"Make sure that you contact the bureaus that you're finding the errors in quickly," she said. "When you contact them, gather evidence — that's any documentation, such as payments and so forth."

Bureaus have 30 days to resolve any disputes, so make sure you're following up.

Seitz said one misconception many people have is that freezing your credit will hurt your score. But she said there's no impact, and freezing can help protect against identity theft.

"Freezing a credit file just restricts access to who can get your credit file," she said. "It also gives you control over who has access to it. So it gives you a little control over your file."

The third thing to look out for is a new Biden-era law goes into effect, banning medical debt from your credit report, which goes into effect in March. Experts say your score could jump by as much as 20 points and 15 million people will benefit.


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