What Your Credit Report Says About You

Financial wellness can mean different things to different people. Some say it’s defined as the quality of a person’s financial wealth. For employers, financial wellness is a program designed to improve employees’ financial behavior which has also shown to have positive impact on employee production. For some, financial fitness is simply freedom.

If you are like the majority of Americans, you are feeling the sting of the daily economic turbulence, and if you have a growing family with needs and wants then you are feeling it even more.  Some of the more nagging thoughts are how do I  get a new mattress, living room set, or new bedroom set for my maturing children who need they privacy of their own room? By creating financial wellness for yourself and your family, you’re creating the freedom to get the things you need.

So, where do you begin on your journey to financial wellness? The first step is simple but extremely critical:

Get a copy of your credit report.

Your credit reports can provide a snapshot of your overall financial standing and a free consultation reviewing your activity with our certified in house credit counselors. It is also easier than ever to obtain copies of your report without impacting your score due to an inquiry.

The FACT ACT gives every consumer the right to a free credit report every year from each of the three major credit bureaus: Equifax, Experian and TransUnion. This website is the only one that is government authorized to provide you with free copies of your credit report. To get a free report you can visit www.annualcreditreport.com

An average credit score ranges from 620 to 679, and low: 580 to 619. Banks believe that your credit score (your past financial behavior) is an indication of an your future financial behavior and therefore, a low credit score  directly affects your chance of securing approval for a new loan, credit application, or even create difficulty renting an apartment or getting a job. A good way to start improving your credit score is to pay your bills on time and eliminate credit card balances. Of course, life happens. You may unexpectedly find yourself in need of a new computer for your kids or a new mattress for your growing son. Financing companies can assist you in improving your score by reporting on time payments to the credit bureau while providing you with essential purchases. By promoting responsible purchasing through salary allotment or direct deposit, your payments are a fixed amount with a defined finish line so you won’t have to worry about late payments.

 

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