FINANCIAL HEALTH AND WELLNESS

One of the smartest things I´ve done in a long time.  I plan to check my annual credit report once per quarter as you can do one free - from each reporting company - per year.

Most consumers take their credit reports for granted, until they need them, or there is a problem.  In a survey by TransUnion® it was revealed that 47 percent of consumers have never checked their credit reports.  They also note that 63 percent of Americans don´t know their credit score.  This is the rating used by lenders to determine if they qualify for a credit card, loan or other services.

Creditors, landlords and employers use these reports to assess and applicant´s financial stability and give consumers the ability to review exactly what´s being said about their debt, and so they may fix any errors that may have occurred.

Each of the three national consumer credit reporting companies ? Equifax®, Experian® and TransUnion® ? compiles personal information, including where you live, how you pay your bills, and whether you´ve been sued or arrested, or have filed for bankruptcy.  The reports also contain a list of those who have checked your credit recently.

Credit cards and installment loans such as mortgages are typically divided into two categories: accounts in good standing and ones with problems.  Missed payments are a red flag to creditors, as is opening up several new accounts within a short period of time.

Because the credit bureaus are each required to allow you one free credit report per year, if you stagger them over the course of the year you can check your report once every four months at no cost.  These companies can also provide your credit score for a small fee.  Reports can be requested online www.annualcreditreport.com or by calling toll-free 1-877-322-8228.  Regular reviews make you mindful of how your credit profile looks to others, alerts you to mistakes on your record, and helps to identify potential theft.