If getting a better handle on your financial life tops your to-do list, well, you’ve come to the right place. After all, everyone wants to save more, get out of debt and aspire for bigger things like asking for that well-deserved raise. Here are some tips that will put you on the right path to better money management.
Make the most of your 401k. That’s right before you take that big step towards your career, make the most of your 401k. Leaving your money right where it is may make sense, but if you are ready to take the money with you after comparing on options at your future employer, consider a direct rollover to a traditional IRA.
It can be done with one simple step and the help of a smart broker who will walk you through the entire process over the phone.
• Set up automatic bill pay: Don’t pay late payment penalty fever! Simply set up automatic bill pay. You can also request your bill collectors to change their due dates to match your pay cycle. This way, you’ll always have enough in the bank to cover you.
• Save for a rainy day: Dipping into your savings to bail yourself out is the last thing you would want to do. Learn to keep cash stashed in the cupboard for this purpose or you might just slip right back into debt. It would be wise to have an emergency fund to cover you for three to six months. Also, save to cover your annual deductibles like health and car insurance.
• Don’t dip into your retirement account: At all costs, funds in your retirement account should be your last resort. If you take money from that account before you hit 59, you are liable to pay a penalty of 10%. Plus, you’re putting a dent in the money available to you later in life. It simply doesn’t look good.
Finally, follow these steps if you lose your wallet:
– Call your debit card/credit card issuers and prevent unauthorized spending. If you fail to do so until after days and before 60 days, your liability might jump to $500 in event of fraudulent activity, especially in case old debit card misuse.
– File a police complaint and set up a fraud alert or identity theft alert with one of these agencies Experian, Equifax, Transunion.
– Call your health insurance company and inform them too, if your health insurance card was in your wallet.
– But if your social security card was in it too, consider applying for a credit freeze so that no lasting damage is done.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.