New Year's Resolution:
Build a Better Credit Score.
Whether you are one who sets New Year's resolutions each year or one who has never set anything close, this year you can set one goal that is fully achievable - improving your credit score. It may take a little time and effort, but improving your credit score will help you in multiple ways in 2011 and beyond. Improving your credit score allows you to pay less in interest, look better to a potential recruiting manager, and have less stress in your life. Follow these steps and make 2011 your best financial year yet! Monitor your Credit Report - You can acquire a copy of your credit report annually. Simply go to www.annualcreditreport.com to review your report. Look over everything on your report and make sure all information is accurate. If you see that something is incorrect, you have the right to dispute that information. For more information on how to dispute information, visit www.mcmf.net. Understand the basics of credit scoring - The two most important factors that make up your score are paying bills on time and how much of your available credit you use. Payment History makes up 35% of your overall score. Some things you can do to make sure you pay on time - Set up automatic payments or reminders. Even just having one missed payment can have significant impact and will stay on your report for seven years. Also, keeping your credit use to less than 30% of your available credit limits will help your score. You don't have to carry a balance to have a good credit score - simply using credit and paying the bill off in full each month helps your credit score and will also keep you financially responsible. Establish Checking & Savings Accounts - Checking and savings accounts represent financial stability. Also, you can open a checking account as a minor to start building a financial history.
Use Revolving Accounts Lightly but Regularly - To generate a credit score, you have to have had credit for at least six months, with at least one of your accounts updated in the past six months. Using credit cards regularly will ensure that your report is updated regularly, and also keeps your good credit history regularly on your report. If you never use a card, the issuer may cancel it.
Now go make 2011 your best financial year yet! Happy New Year from all of us at Data Facts! |
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Upcoming Webinars
To Register, click on any of the Webinars listed below:
Credit Xpert - January 6th 2011, 9:00 AM CST
In this market, a few points can be the difference in closing a loan or having it walk out the door. Keep those loans! Utilize our Credit Xpert products to know what actions your customers can take to increase their credit scores. Our Credit Xpert simulations can help save 1 in 4 loans that would be lost due to credit scores.
Triggering - January 11th 2011, 9:00 AM CST
Have you ever wondered why someone contacts your customer immediately after you pull their credit? This marking process is called "triggering." Learn more about how it works and what you can to do decrease this from affecting your customers-on this informational webinar, offered exclusively to Data Facts customers.
New User Training - January 27th 2011, 9:00 AM CST
Join us to learn all about the bells and whistles of the Data Facts platform. We will take a quick overview of the products available, how to order them, and how to utilize our credit xpert simulations. We are looking forward to working with you! |
