Header Customer Service Learn at Equifax Member Center Products
HeroPrepare your Financial Health for the New Year

Preparing Your Finances
for the New Year

As the new year approaches, you may discover that the holiday season ended up costing more than you thought. While it's understandable to get caught up in fun and celebrations during the holidays, it's important to maintain financial control — so you don't feel a major pinch when you start out the new year. Take action now to maintain good financial health for the remainder of the holidays, and start off the new year in a stronger position.

Has shopping and spending taken its toll on your wallet? Find out how much money you've spent for the holidays and establish a budget for yourself in the new year. Take your monthly budget and factor any debts you incurred over the holiday shopping time. Remember to add expenses that tend to accrue at the end of the year, like an increased long-distance bill or spending a little extra at the grocery store for special dinners, and consider potential bonuses you may be guaranteed to receive, too.

If you find that you owe more than you thought, start out the new year by cutting back in other areas to help get your finances back on track. Swap the pricey latte for a regular cup of joe; share the gas bills by carpooling to work. When you consider that little purchases add up to a lot, there are a number of ways to save some extra cash.

Make sure to check your credit report to confirm that all of your open accounts are accurately reported (but don't forget that there is sometimes a delay between your credit activity and when your credit grantor reports your account standing to a credit reporting agency like Equifax). Also, check your credit score after the bulk of your holiday spending is over to know where it is when starting out the new year. If you plan on making any major purchases, it's very important to be knowledgeable about your credit score, as it can affect the rate you are likely to receive on a loan.

Print This
Back to Top

Tip of the Month:
Financial Tips to Start the New Year Right

During the holidays, it's easy to get wrapped up in the excitement of gift giving and forget the potential debt you may have just incurred. When shopping through the holiday season, keep in mind the actual cost of the items you bought. If you paid in cash or with a check, this is a non-issue. If you paid by credit card — a tempting option with all of the special discounts for opening accounts around the holidays — you also have to factor in any interest charges that might build up. If you used credit for your holiday purchases, now's the time to create a plan to pay off that debt as quickly as possible.

Print This
Back to Top
Discover Learn at Equifax

Discover: Learn at Equifax

The holidays are a time of joy and togetherness, but they can also be a time to learn important information for the new year. Learn at Equifax is a comprehensive resource for credit-conscious consumers like you. Use our free online financial tools and information to help you take charge of your financial future — a resolution you can keep!

Learn at Equifax can help you prepare for the new year no matter where you are for the holidays!  The site features information on bank and loan rates and major purchase decisions as well as related news. Empower yourself to make smarter financial decisions!

  • Compare your credit ranking to local and national averages.
  • Visit banking and loan centers for interest rate comparisons by credit score — valuable information if you're shopping for your first car, a new home, or saving for retirement.
  • Find out how to minimize your risk of becoming an identity theft victim.

And so much more!

Visit Learn at Equifax Today

Print This
Back to Top

Customer Know How:
Resolution #1 — Know How To Check Your Credit

Once holiday spending draws to a close, it can be useful to understand and review your credit report to catch any inaccuracies or fraudulently opened accounts. This way, you can start the new year with confidence in your financial wellbeing. There are three nationwide credit reporting agencies who compile information about you and your credit history. Since it's the information on your credit report that ultimately determines your credit score, it is important to know and have the opportunity to check the accuracy of this information. By understanding your report and reviewing it for accuracy, you can get the new year off to a great start!

Your credit report should normally include:

  • Your personal information (name, address, employers, SSN, etc.)
  • Your credit history, including open accounts, accounts closed within the past 7-11 years from their date of last activity, and the details of each of these accounts
  • “Inquiries” that indicate when a credit reporting agency has shown your credit report to another party (landlord, insurer, employer, etc.)
  • Public records such as liens and bankruptcies

Who can see your credit report:

Anyone with what is legally considered a “permissible purpose” under the Fair Credit Reporting Act can view your credit report. This includes:

  • Potential lenders
  • Landlords
  • Insurance companies
  • Employers and potential employers (with your written consent)
  • Companies you allow to monitor your credit report for signs of identity theft
  • Those considering your application for a government license or benefit
  • A state or local child support enforcement agency
  • Any government agency
  • Someone who uses your credit report to provide a product or service you have requested
  • Someone that has your written authorization to obtain your credit report

Make sure your credit report is accurate by looking for the following:

  • Incorrect or incomplete personal information (name, address, etc.)
  • Accounts that you never opened
  • Accounts that you've closed but appear open and do not list “closed by consumer”
  • Accounts with inaccurate histories (e.g. payments listed as “late” when you know they were on time)
  • Inaccurate credit information exceeding seven to ten years (depending on the item)
Print This
Back to Top