By Carmen Reinicke - CNBC + Acorns
Credit reporting company Equifax will offer reports translated into Spanish for free both online and by mail.
The measure will help more than 62 million Spanish speakers in the United States, since Equifax is the main company that offers this service.
"We recognize that there is a clear demand for greater availability of information in Spanish
, and we have created this tool to meet these requests," Equifax executive Beverly Anderson said Monday in a statement.
"We want to expand access and understanding of credit, especially to historically underserved and vulnerable communities, so that they are empowered to advance all aspects of their financial journey," he added.
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The importance of the credit report
Access to your report is important in the United States, as it is one of the few ways to know your credit score.
A report issued by companies such as Equifax, Experian or TransUnion is an overview of how you have managed and paid your debts.
It is used to calculate your credit score and is necessary to obtain loans, rent an apartment, buy a car, and even get hired for certain jobs.
FICO, which calculates the credit score, offers services in Spanish since 2012;
Crediverso has also recently announced a platform with financial products in Spanish, including credit checks and reports.
However, having access to reports from major credit reporting companies is an important step for many consumers.
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This is because if a person believes that there is a problem with their credit score, which could be lowered by incorrect information or identity theft, they cannot dispute it with FICO or VantageScore, another model of credit scoring.
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Instead, you should discuss any incorrect information with the credit reporting company (
or with multiple companies, if there is more than one incorrect information) to change the report.
"If you speak or communicate in a different language, that access doesn't really help you," said Rachel Gittleman, manager of financial services and member outreach for the Consumer Federation.
How often can a credit report be viewed?
Generally, citizens can check their credit report from each of the three major credit companies once a year for free.
However, due to the pandemic, consumers can now request the reports once a week for free until April 2022.
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This means that now is a good time to request your credit reports and check to see if you need to correct any misunderstandings.
Mistakes are common, and the coronavirus crisis may have contributed to an increase in incorrect information on credit reports.
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In February and March 2021, Consumer Reports asked 6,000 volunteers to request their credit reports and 34% found at least one error.
And, complaints about consumer credit reports with incorrect information increased nearly 120% from 2019 to 2020, according to data from the Consumer Financial Protection Bureau.
This article is part of the Invest in You Ready series. Set. Grow (Invest in you: Ready. Done. Grow), an initiative of CNBC and Acorns, the microinvestment app. NBC Universal and Comcast Ventures are Acorns investors.