--- title: One-Third of Americans Are Making This Silly Financial Mistake description: And it could cost them money. authors: - name: Taylor Tepper url: https://money.com/author/taylor-tepper-3/ at_money_since: 2013 articles: 168 covers: - Credit - Banking - Business - Career Advice - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Retirement - Shopping - Taxes social: - https://x.com/TaylorTepper former_staff: true published: '2015-05-04T10:30:50.000Z' modified: '2024-04-16T05:46:11.000Z' section: Credit tags: - Borrowing - Credit Cards - credit report - credit score - Spending word_count: 313 canonical: https://money.com/free-credit-report-mistake/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![blindfolded man](https://img.money.com/2015/05/150504_ff_creditreport.jpg?crop=0px%2C142px%2C2100px%2C1181px&quality=85) Didn't check your credit report this past year? Or ever? You're not alone. Despite having access to one free credit report a year from each of the three major credit agencies, 35% of Americans chose not to monitor their report, according to a survey released today by [Bankrate.com](http://my.bankrate.com). Two age groups particularly averse to ever requesting credit reports are senior citizens (44%) and millennials (41%). Moreover, about one-seventh of adults wait more than a year between credit checks. Of course this is silly behavior. After all, you are entitled to a free credit report from TransUnion, Equifax and Experian, and can receive one by going to AnnualCreditReport.com. And a credit report is important: It's a history of your interaction with all kinds of credit operations and is a guide by which your bank, boss, and others will gauge your ability to deal with debt. If you consistently pay your credit card late, or miss a mortgage payment here or there, that'll show up on your report. Your credit score is derived from the information on your report, and your credit score helps to determine how much interest you'll incur when you borrow money. So a mistaken report can cost you serious money. Errors are not altogether rare, per a 2013 FTC [study](http://www.ftc.gov/news-events/press-releases/2013/02/ftc-study-five-percent-consumers-had-errors-their-credit-reports), which found that 5% consumers had incorrect information on one of their credit reports. To get a sense of how much mistakes can potentially cost you, check out this cost of debt [calculator](http://www.credit.com/tools/lifetime-cost-of-debt/) by Credit.com. A New York man in his late-30's with fair credit will spend around $603,000 on interest payments over his lifetime. That same man with good credit will spend around $80,000 less. Mistakes on your credit report can lead to lower credit scores, and are likely to blight your credit history unless you take action. 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