How and why to add a consumer statement to your credit report - Business Insider

is a snapshot of your finances, showing payment history and balances for all your past and current accounts. Whenever you apply for a loan or a new credit card, lenders will pull your credit — and the condition of your credit report can mean the difference between getting approved or denied for a loan, or between getting a high or low interest rate for a new account.

While your credit report can speak for itself, you do have the option to include a note, often referred to as a consumer statement, that adds further context about your financial situation.If your finances are in great shape, you probably don't need to add a consumer statement, but if you're currently unable to pay all your bills — due to the economic impact of the coronavirus or otherwise — this could help explain why you fell behind on payments.

Beverly Anderson, President of Global Consumer Solutions at Equifax, recently spoke to Business Insider about. In addition to recommending that you talk to lenders and insurance companies if you're unable to make your payments, Anderson said that adding a note to your credit report could be a good idea.

"Let's assume that you're going to have a late payment, or you're not going to be able to make payments for a period of time. You could easily go to your credit report, and there's a place to insert a statement," she said., which you'd file if you found an error on your report, such as an account you didn't open or any incorrect personal information.

Once you've filled out the requisite information, AnnualCreditReport.com will take you through your credit reports one at a time. Make sure you save them as a PDF so you can refer to them in the future. You'll want to review each credit report to make sure there are no errors or fraudulent accounts opened in your name — pay particularly close attention to the "accounts" section of your report.

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