Debt Shield Encourages Annual Credit Report Checks for Consumers & Unemployed

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 29, 2010 -- Executives at Debt Shield, a Maryland-based debt settlement company, are reminding consumers to get their free annual credit reports from AnnualCreditReport.com.

In additional to banks and lenders, some employers check applicants’ credit reports before offering jobs. With the current unemployment rate at 10% this is still another reason for consumers to make sure their own reports are accurate and up-to-date.

Consumers are guaranteed free access to their credit reports once every year and are able to challenge inaccurate information through the Fair Credit Reporting Act.

"Once you access your credit report, you can check for errors as well as evidence of identity theft, which could otherwise affect your credit scores and cost you time, stress and money," explained Debt Shield CEO Phil Fewster.

Credit reports show consumers the information their creditors recount about their credit activity over the last seven to ten years. Annually checking a credit file can help consumers detect mistakes and outdated information that could cost thousands of dollars if uncorrected.

“Information on your credit report is how creditors determine how much interest to charge and whether or not to grant you a loan,” said Fewster. "But because credit reports can also be accessed potential employers, you could damage your job prospects if errors or fraudulent behavior remains undetected."

Moreover, 43% of companies ran credit checks on potential hires, according to a 2006 poll from the Society for Human Resource Management. That figure is up from 36 % in 2004 and 25% in 1998. While some consumers groups do not think it's fair for employers run credit checks on applicants, currently only two states (Hawaii and Washington) prohibit them.

"Many unemployed consumers have learned the hard way that the current job market continues to struggle," said Fewster. "Being turned away from a job due a mistake on their credit file is about the last thing today's jobseekers need."

For more information on annual credit checks including frequently asked questions about checking your credit report, visit the FTC website at http://www.ftc.gov/freereports.

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