Week #2 Challenge- Know Your Status

Hello ladies,

Okay we are now in week 2. We have had some great updates and we are making wonderful strides towards becoming women of integrity in our finances.

So our Week# 2 challenge is checking your credit report/profile. Your credit score affects the interest rates you're offered on credit cards and loans, and in some states may influence your insurance premiums. So your credit report, which determines your FICO score, need to be up-to-date and correct. I checked my credit report a few years back and found 2 accounts on my profile that I was not aware were there. These negative accounts caused my FICO score to go down. I was able to get the information corrected on one(my insurance actually paid it) and I paid the other account. It made a difference in my score.

A score of at least 720(the range is 300 to 850) earnes you a gold star. We all want Gold Stars ladies. I always tell my son, you can not have money, but if you have good credit it will take you far!

If you have not checked your credit report within the last year, here is what you need to do TODAY! Go to annualcreditreport.com to get your free credit reports from the 3 credit bureaus: Equifax, Experian, and TransUnion. Every year, you are able to receive one free report from each credit bureau. This transaction is free, so if a site asks for a credit card to receive a report, you are in the wrong place!

Print out your report and review it carefully. If there are items that you are not aware of, investigate it. There are helpful hints on the credit bureaus' websites to help increase your FICO scores.

You will have to pay to receive your credit score. If someone is offering this for free, it is a scam. Your credit score is a charge, however it is worth the money to know your status. The cost is about $16 dollars.

Just fyi, there are no quick fixes for your credit. If you pay off old debts and pay your bills on time and your score will increase. It takes time. But do not ignore your debt, because it will only come back to haunt you later! Can I get an AMEN!