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| In This Issue: Your Finances and You Tip of the Month Investment Calculator Featured Product Customer Know How |
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Tip of the Month |
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| Speed Up Debt Repayment
There are a handful of ways you can speed up your debt repayment. That way, you can allocate more of your income to savings, which benefits you in the long run. Start by creating a plan: how do you intend to pay off your debt? While it’s tempting to pay off debts according to interest rate, it’s often easier (and more successful) to tackle them in order of size and length of pay-off term. This way, as you pay off each debt, the money used for that monthly payment can be added to the payment toward the next debt. The snowball effect will help you pay off your debts before you know it.
Even if your minimum amount due decreases monthly, be sure to pay the same amount you’ve been paying. It’s an easy way to pay down your debt faster, and avoid remaining in repayment indefinitely. But the easiest and most important way to get out of debt? Avoid accumulating any more. As soon as all of your debts are repaid, focus all of your energy and extra money toward saving. |
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Your Finances and You |
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April is a month focused on finances. It’s not just Tax Day on the 17th of this month. The entire month has been recognized by congress as National Financial Literacy Month. It’s the perfect opportunity for you to stop and take stock of your financial situation, plus make small changes to improve it for next year. Drastic moves toward savings and organizing your finances might seem ideal, but let’s face it – they’re seldom realistic. The good news? There are lots of ways to make small changes that can add up to a brighter financial future. Here are just a handful of ways you can change your everyday behaviors — and improve your financial outlook:
Organize
Be honest – it’s hard to pay your bills on time when you can’t even find them amongst the clutter. The easiest way to stay on top of your finances is to organize and set up a routine. By setting aside a place to keep your financial statements (and a time to address them), you’ll never have trouble keeping up. Another tip: Online banking might be the perfect solution for you. In addition to saving time and stamp money, online banking lets you access your billing information and history — when it’s convenient for you.
Learn
Okay, so Finance 101 might not seem like the most enjoyable way to spend your time. But learning about it can help you immensely. After all, knowledge is power! By understanding the principles behind your finances, you’re better prepared to protect and enhance your financial future. A good start is to find out your credit score. Did you know that 90% of all lenders use FICO® scores to determine credit worthiness? And Equifax is the only major credit reporting agency who offers FICO® scores directly to consumers. Learn about everything from loans and credit to security and identity theft in a simple, easy-to-read format. Just visit Learn.Equifax.com.
Save
Everybody knows that the best way to ensure a stable financial future is to save. But it’s often easier said than done. Even if it seems like a small amount, the cash eventually adds up and — in the process — gets you in the habit of tucking money away. That way, when you are able to increase your amount you save, the framework will already be established. Money transferred automatically into a retirement fund or savings account from your paycheck or checking account will accumulate over time. If you’re unsure whether it’s a better plan to put your income toward savings or debt repayment, be sure to try this month’s Investment Calculator.
Prepare for the Unexpected
Though no one wants to think about the difficult events the future may hold, it’s important to prepare for them financially — as events like these are often costly. By stashing away an emergency fund, you’re sure to avoid financial distress when managing other difficult times. It can also help if you suddenly find yourself unemployed. Try to store away enough to live on for three months. Naturally, everyone hopes they won’t need this sort of monetary padding, but it’s something that can make a tremendous difference in the unfortunate case that it’s needed.
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Investment Calculator |
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| Should you use your extra money to pay off debt? Or should you invest it? Trying to decide where to allocate your money can be overwhelming. Equifax is here to help. Just use our simple calculator.
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Featured Product |
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Equifax 3-in-1 Credit Report with Score Power®
Now that you’re focused on your financial well-being, do all you can to protect it. Get the complete picture of your credit history from all three nationwide credit reporting agencies — delivered in a single, easy-to-read report. With an Equifax 3-in-1 Credit Report with Score Power®, you’ll receive:
• Immediate online access to your user-friendly 3-in-1 Credit Report
• Line-by-line comparison of your credit history with Equifax, TransUnion and Experian
• With Score Power® you’ll also get your FICO® credit score. Plus, find out what your most current score means, compare with national averages, and see a graph of how lenders view you
• Access our friendly and knowledgeable Customer Care service, 7 days a week
• Fix errors quickly and simply with Equifax's free online dispute feature
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Customer Know-How |
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Know Your Score
You’ve most likely heard about the importance of checking your credit score. But what exactly is a credit score? Your credit score is a rating that lenders use to determine how creditworthy you are. This number is calculating your history of borrowing from and repaying money to lenders. The higher your score, the lower risk you present to lenders and the more they will have faith in your ability to repay them.
Of all of the mathematical models used to determine credit scores, Fair Isaac® Corporation’s model — better known as FICO® — is the score lenders use most. It was only a few years ago, with the launch of Equifax Score Power®, those consumers were first allowed to access their FICO® scores. Previously, only lenders could access this score. Now, with Equifax 3-in-1 Credit Report with Score Power®, you can see what lenders will see about you, right down to your exact FICO® score. By learning your credit score, you can take steps to improve or maintain it — so you can always support good relationships with lenders.
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Equifax is pleased to provide this newsletter for your convenience. However, this newsletter is provided for informational purposes only and does not constitute professional or legal advice of any kind or description.
Equifax and Score Power are registered trademarks of Equifax Inc.
Fair Isaac and FICO® are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax's credit monitoring products are protected by US Patent 7,028,052.
If you have any questions, please call us at 1-800-829-3616, 8:00AM - 3:00AM (EST), 7 days a week.
You may e-mail us anytime at customer.care@equifax.com. Or you can write us: Equifax Consumer Services, LLC. PO Box 105496, Atlanta, GA 30348.
Copyright © Equifax 2007 | Privacy Policy | Terms of Use | FCRA |
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