One television commercial that has been around awhile has an actor ask the question “What’s in your wallet?” referring to a specific credit card.
For this month’s Financial Tip, the question is “What’s in your credit report?”
August is usually a time when people enjoy well-deserved vacations and time away from school and work. Many look forward to this month as a time to relax and recharge before heading back to their usual schedules in September.
However, the Covid19 pandemic has had a devastating impact on our country and our world. For many, the return to work and school will look very different this year. It will be crucial to take the necessary precautions such as wearing masks, safe distancing when possible, frequent hand washing, and following CDC guidelines to protect ourselves and our loved ones.
Your credit health is important as well.
Knowing where you stand with regard to your finances and credit is one important safety measure that you can take during this time.
In order to help you monitor your information during Covid-19, the credit reporting agencies (Equifax, TransUnion and Experian) are offering all Americans free credit reports through an online service. Learn more at https://www.consumer.ftc.gov/articles/0155-free-credit-reports. Additionally, the three national credit reporting agencies are giving people weekly access to monitor their credit report — for free.
You can obtain free credit freezes at all 3 reporting agencies. Credit freezes prevent new accounts from being opened without your permission. You may also want to add a fraud alert (for free) to your credit account to ensure lenders verify your identity and help prevent identity theft. Knowing that you have taken the necessary precautions to protect your credit can go a long way to having peace of mine with your finances during challenging times.
Once you’ve checked your credit and made sure that everything is in order, sit back and relax! You’ve still got a month of summer left to enjoy and you can do so knowing that you have taken the necessary precautions to protect your credit health.