Credit Education Month
We all have credit cards, but who really pays attention to see if they are helping or hurting us. This month is Credit Education Month, which should give you an incentive to learn a little more about your credit. I know it can be confusing at times, and not all that interesting, but it is important to know and understand for your financial well-being.
Your Credit Score
The first thing I would advise is for you to find out your credit score if you don’t already know what it is. You are able to get one free each year from the 3 consumer credit reporting companies: Experian, Equifax, and Transunion. Take advantage of this! Once you receive the reports, go through each carefully to make sure there are no discrepancies. If there are, you will need to contact the credit reporting company to get it corrected.
Once you know your credit score, you need to determine if it is good or not. Your credit score can range from 300-850, an the higher your score is the better. Go to MyFico for information on what is in your score and how you can improve it.
Tracking Your Credit Report
There are many tools available for you to track your credit report. Most offer a free 30 day trial, but if you opt for that, make sure you cancel before the 30 days so you don’t get charged for the next month. The monthly fee usually isn’t too outrageous, so if you do want to track your score, you can do so without paying much.
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