It’s no secret that a low credit score costs you money. But, how much do you really know about the score on your credit report? This true/false test will help you find out:

True/false question #1: If you pay your bills on time, you don’t need to check your report. That’s false. Because according to a survey by the Public Interest Research Groups, 70 percent of credit reports have errors on them.

Question #2: True or False: I can check my credit reports for free. That’s true. The site you want to visit is Annual Credit It lets you view your reports from the 3 major credit agencies once each year. However, most do charge to see your credit SCORE.

True/false question #3: You should close credit cards after they’re paid off. That’s true and false, depending on your situation. For example: If you’ve had a card for a long time, closing it can lower your credit score by about 15 percent. But, if you’re closing a card because you have too much credit available, that can actually help your score. To figure out how closing an account will affect you, go to one of these websites: Credit or

Finally: True or False: It’s almost impossible to correct errors on your credit report. That’s false. But, getting your report changed requires a little work. That’s why you may want to contact a new government office called the Consumer Financial Protection Bureau. They’ll investigate your credit complaint, and help make sure your report gets fixed. I’ll put a link to their site – along with links to all the places I mentioned – on Tesh. com.