CREDIT DRIVES FINANCIAL WEALTH
As we come through this very difficult economic period we are learning how important credit is to our financial wellbeing. It seems that most everything relating to our finances are tied to our credit scores. The higher our credit score the lower our mortgage and consumer interest rates will be. If we are leasing property, our rent may be determined by our credit score. In most cases, the better our credit the lower our insurance costs will be. Whether we get a credit card or not will be determined by our credit. Our car payments will be higher or lower depending on our credit score. To be approved for credit (a loan), one’s credit score must be at or above a certain score. All of these items will be a significant expense or gain throughout our lifetime. It is a good idea to monitor our credit on a regular basis. It’s easy and free. www.annualcreditreport.com is the official site to help consumers monitor their credit. There is no charge to obtain a credit report every 12 months from each of the nationwide consumer credit reporting companies, Equifax, Experian and TransUnion. I recommend that you receive one report from a different company every 4 months so you can keep an eye on things throughout the year. Annualcreditreport.com also provides great information regarding protecting and bettering your scores. With hard work and discipline most everyone can control their credit and it’s never too late to start working on it. Many people have been hit by hard times in this economy but credit scores can be rebuilt. There is lots of money available for home mortgages and lenders are ready and willing to help consumers with good credit. If you already have excellent credit you should demand the best pricing for your insurance and loans. Start working on improving your credit scores today and reap the financial rewards in the future.