As we start a new year, many people are making resolutions, including some about their finances.  With today’s economic climate, credit scores are playing a significant role in consumers’ finances, from the ability to get a loan at a good interest rate, to how much we are charged for insurance coverage, to job hiring and security clearances. 

Credit Report Monitoring is an important part of Personal Financial Fitness and it’s easy to do.  To get a copy of your own credit report from one, two or all three of the credit bureaus, go to annualcreditreport.com.   This is the place to get the actual free reports that consumers are entitled to by law.  There is no charge and nothing to sign up for.   This article has more information on credit monitoring.

REMEMBER: If you are asked for your credit card number, it is NOT your free annual report.

If you want to know your current FICO scores, you can obtain two of them, along with the corresponding credit reports for about $16 each.  Click here and look for FICO Standard on the right side under the orange “My FICO Products”.  You can contact us for possible discounts available on FICO scores and reports.

NOTE: Most of the credit scores that are advertised to consumers are not FICO scores, which are the ones that most lenders use.  Spending your money on any other scores will not give you a fair comparison to what the financial industry uses.

With both of these options your reports will be available to you online for 30 days when you set up log-in information.  And checking your credit reports in either of these two ways does NOT count against your credit score as a Hard Inquiry.

When reviewing your credit report, look for unknown accounts, unusual or incorrect balances on your existing accounts, inquiries that you don’t recognize, extra social security numbers or names that don’t belong to you.  Contact all three credit bureaus to correct the errors, even if you only review one of your reports.  By law, they must investigate the items you dispute and reply within 45 days.  Mark your calendar or planner for four months later to schedule your next credit report monitoring.

For a better understanding your credit report and to get effective strategies to grow your scores, contact us today for your Credit Check-Up.