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Checking your credit history and FICO® score frequently is one of the best ways to secure your financial health during the holiday season. It can also help you to identify if you are a victim of ID theft, enabling you to act fast and prevent further damage.
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Managing Your Finances
Over The Holidays
As the year draws to a close, it can be all too easy to overspend on gifts and fun. Despite the excitement of celebration, it's important to maintain control financially — no one wants to start the New Year with money trouble. There are, however, a number of steps you can take to not only protect your finances during the holidays but potentially leave your credit in an even better position to start off the New Year.
First, try to keep in mind that the holidays are not a spending competition. Homemade or inexpensive gifts can be just as well received as pricier items when they're heartfelt. So, it's helpful to establish a holiday budget for yourself before hitting the mall. Review your monthly budget and add any potential bonuses you are guaranteed to receive. Remember added expenses other than gifts at the holidays, like an increased long-distance bill or spending a little extra at the grocery store for special dinners. Once you've examined all of these factors, you can determine how much money to spend on gifts.
Don't stray from your gift list (unless it's for a less expensive item), and look for deals both in stores and online. You can also cut back in other areas to make sure that you break even when the holidays have passed. From skipping your routine cup of coffee from the local café to carpooling, there are a number of ways to save some extra cash.
Be wary of credit card deals that seem too good to be true — they sometimes are. It can, however, be helpful to open accounts at stores you shop in frequently as long as you pay them off on time and keep your balances low.
Make sure to check your credit report to ensure all of your open accounts are in good standing. Also, check your credit score both before and after the holiday season to confirm that it's where you expect it to be when starting out the New Year. If you plan on making any major purchases, it's very important to keep your credit score in mind as it can affect the rate you'll receive on a loan.Tip of the Month:
Financial Tips For Holiday Shoppers
During the holidays, it's easy to get wrapped up in the excitement of gift giving and forget the potential debt you may incur. That's why it helps to remain aware of your financial situation before you start shopping. Before you even start drafting that gift list, consider obtaining a copy of your credit report to check your standing on various accounts and your overall financial health. It also helps to proactively set a budget for the holidays to make sure that you don't get swept up in the holiday purchasing spirit — something you may regret later on.
Once you're out shopping, keep in mind the actual cost of the items you're buying. If you pay in cash or with a check, this is a non-issue. If you pay 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. Carefully consider how you will use credit for holiday purchases, and create a plan to pay off that debt as quickly as possible.
Discover: Learn at Equifax
Learn at Equifax is a comprehensive resource for credit-conscious consumers like you. This free online site is designed to connect you with both financial tools and information to help you take charge of your financial future.
Learn at Equifax offers you a broad range of information for you no matter who you are — regardless of age, career path, financial situation or geographic location. The site features information on bank and loan rates and major purchase decisions as well as related news. Site features enable you to:
- 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.
- Learn identity theft protection tips and take an identity theft quiz to test your knowledge.
At Equifax, we have a long-standing history of providing consumers with educational resources to learn about and protect their personal credit. Making important tools and resources available online is part of Equifax's ongoing commitment to provide consumers like you with valuable information designed to help you make better financial decisions with greater confidence.
Customer Know How:
How To Check Your Credit Report When It Matters Most
At a time of year when you're making numerous financial transactions, it can be useful to understand and review your credit report to catch any inaccuracies or fraudulently opened accounts. 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.
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, and the details of each of these accounts
- Inquiries regarding your credit from outside sources (landlord, insurer, employer, etc.)
- Any public records that apply to your finances
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
- Companies you allow to monitor your credit report for signs of identity theft
- Some groups 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) has this been verified?
Take control of one of your most valuable assets — your credit — by understanding your credit report and checking it regularly.