MONEY MANAGEMENT
Building And Maintaining Credit
by Gen Wright
B
uilding and maintaining good home or in a safe deposit box if you
credit is important to planning have one.
and managing your finances, the square6 Confirm online purchases are
better your credit rating and score is secure, look forthings like a lock
the lower your interest rate will be on and key at the bottom corner of
credit cards, mortgages and auto loans. your browser, a URL that begins
In fact, you might not even be https://, or the words Secure
approved for a loan if you have a bad Sockets Layer (SSL).
credit history or score.Start out by get- square6 Avoid using your card as identifica-
ting a free copy of your credit score to tion, thieves can use this informa-
see where you stand, you are entitled tion to assume your identity and
to one free credit report per year from open bank accounts, make purchas-
Equifax, Experian and TransUnion, es, obtain cash, and even get a job
you can get your free credit report by or apartment with your identity.
going to
www.annualcreditreport.com. Only use your credit card at recog-
Now that you have a copy of your nized and reputable merchants.
report in hand, check to see how accu- square6 You can put a “credit freeze” on
rate it is, you will be surprised how your account; this will make your
often mistakes show up, verify that credit file unavailable to new credi-
each creditor listed is actually a credi- tors which will prevent anyone
tor you have an account with or had an square6 Protecting your credit from credit from opening credit under your
account with and dispute anything that identity theft is another proactive name. Your existing creditors and
isn’t correct, including addresses way of maintaining good credit, if you will have access to your file. If
where you have lived in the past. you identity is stolen and fraudu- you want to obtain credit you will
lent charges are made it will take have to temporarily have the credit
some time to straighten it all out. freeze lifted.
Tips to building and maintain-
ing good credit Tips on protecting your credit Tips if you are a victim of
square6 Open a checking or Savings square6 Guard your mail from theft by identity theft and fraud
account, have a financial history shredding mail before you discard square6 If you suspect you are about to be a
will help with getting loans, also it, especially mail that contains victim of fraud the first thing to do
give you the ability to pay back the your personal information, includ- is put an initial fraud alert on your
loans ing, charge receipts, copies of credit credit file, this alert will stay in
square6 Pay your bills on time. offers and applications, insurance place for 90 days and it will require
square6 Keep balances low (if possible)on forms, doctor’s statements, discard- creditors to verify your identity
“revolving credit” (i.e., credit ed bank checks and statements, and before issuing credit in your name.
cards). expired credit cards. square6 If you have already been a victim
square6 Pay off debt instead of moving it square6 Be protective of your personal of fraud fill out an Identity
around when those 0% or low intro information. Be cautious when giv- Complaint Form with the FTC and
offers come in the mail. ing out your credit card number, put an extended fraud alert on your
square6 Don’t open lines of credit that you address, or other personal informa- credit file which requires all credi-
don’t need. tion. When possible, only share this tors to actually speak with you
square6 Don’t close credit cards that you information when you know you before issuing credit. The extended
have had for a long period of time, are dealing with a reputable organi- fraud alert stays on your file for 7
the length of your credit history zation. years. PWM
plays a factor in the credit score square6 Never carry your Social Security
you receive. card. Leave it in a secure place at Source:
goarticles.com
44 PROFESSIONAL WOMAN’S MAGAZINE
www.professionalwomanmag.com
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