You do not have to take a statement on trust — a one-minute arithmetic check confirms it is internally consistent. If the numbers tie, the statement is sound; if they do not, you have found something worth querying.
The check
- Start from the opening balance. Note the figure at the top of the period. See what the opening balance means.
- Add the charges, subtract the payments. Work down the transaction list: add interest and fees, subtract repayments and overpayments. See the transaction list explained.
- Compare to the closing balance. Your running total should match the closing balance shown. See reading the running balance.
If it does not tie
A mismatch usually means a transaction you missed or one that looks wrong. Trace it and, if it still does not make sense, raise it. See how to check a statement line you don't recognise and I think there is an error on my statement.
Credicorp lends to companies rather than to you personally, so this is business finance outside the consumer-credit regime. That does not change the practical steps below.
Why the check is worth a minute
Running this arithmetic once when each statement arrives means you catch a mis-posted charge or a mis-timed payment while it is still small and easy to fix, rather than discovering it at year-end when it is tangled up with everything else. It also builds your own confidence in the numbers — once you have seen a statement tie out from opening to closing balance a few times, you can trust the process and skim future ones quickly, only slowing down when something does not sit right. See how often to check your statement.
See also: Reading the running balance, The summary panel at the top of your statement, I think there is an error on my statement.