In the last post we talked about free credit reports; how these reports – which can be ordered online from each of the three credit bureaus once within every twelve month period – give us access to what potential lenders, landlords, and even employers are reading about us. Free credit reports can alert us to possible credit damage because of an unpaid bill that we didn’t know existed, the fluctuation of our credit score, and even the possibility of identity theft. By always knowing what our credit report is reporting we are easily alerted by changes to this information and can therefore have the best chance of nipping potential problems in the bud.

The best part is that free credit reports are viable financial tools no matter what stage of life we are in or what financial circumstances we are currently facing. The ways in which free credit reports can be used include:

* Teenaged years. For this group that is just starting out in the world the temptation exists to overextend themselves in terms of buying what they ultimately cannot afford. Unfortunately this is also the time when so many of their age are offered credit cards when they get to college or start their first job. Free credit reports can keep young cardholders honest by allowing them to witness firsthand how their financial decisions can impact their credit score.

* Twenties & Thirties. This is a time of big changes for most people as they start their careers, travel, buy homes, possibly get married, and have children. These life changes bring about large financial fluctuations as well. Obtaining free credit reports will help consumers make big financial decisions.

* Forties & Fifties. With careers solidly in place, finances tend to become more comfortable as well. But this may also be the time during which college tuition for children is paid. Big expenditures require careful planning. Make sure your credit report is the best it can be by monitoring it with free credit reports.

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Finances are something that often change dramatically over a lifetime. We may start off with nothing – barely two nickels to rub together when we’re young – and slowly, over time get to a place where we are more financially comfortable. This is not to say that any of us ever come to a place where we feel like money is no longer an issue; there are few of us who, in this lifetime, never have to think about money or how the decisions that we make will affect our budget. But the way we relate to money and the manner in which we take care of our finances does change over time and we need to be able to adapt to those changes.

One thing that remains consistent no matter what stage of our life we are in is our credit report. Once we begin our lives as consumers making financial decisions, the history of these decisions is played out on our credit report; essentially the summary of our creditworthiness as defined by the three credit bureaus –Experian, Equifax, and TransUnion. Our credit reports are accessed by lenders who are determining whether or not to extend us credit, by landlords who are deciding whether or not to rent to us, and even by prospective employers. So it stands to reason that damage to our credit report can have dramatic implications that extend to all our areas of our life; which is why it behooves consumers of all ages to stay on top of their credit report by ordering free credit reports.

Free credit reports are our gateway into our financial history – allowing us to see what the credit bureaus are saying about us. Luckily, with access to the Internet, free credit reports are easier than ever to obtain. By going online we can order a credit report from each of the credit bureaus; something that we are given the ability to do once a year. In the next post…how a free credit report can stand up generation to generation.

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Surely most of us connect debt to adulthood; as we get older we find careers, buy homes, accumulate credit, and subsequently accumulate debt. While debt can be managed if we don’t get over our heads in terms of debt to income ratio, it is easy for it to get out of hand – especially as minimum payments escalate and we have a tough time keeping pace in this economy. As adults, most of us have learned to keep an eye on our credit report for signs of damage caused by late payments, high debt to income ratio, default, and even identity theft. But far fewer of us think to pass this information onto the teenagers in our life even though debt accumulated at a young age is becoming a growing epidemic.

College is generally the time period during which young people first get themselves into trouble regarding their credit. Faced with independence and the freedom to spend what little money they have as they wish, many teenagers are also – for the first time – given to the opportunity to get credit cards in their own name. For many, the temptation is just too much. With credit card in hand young people spend with little regard for the consequences; before they know it they have essentially marred their credit report even before they graduate college.

Teaching teenagers early to check their credit report periodically is a method by which to teach them accountability for their financial actions. And now it’s easy than ever to check our own credit with free credit reports which we can easily order online through www.annualcreditreport.com which gives consumers access to all three credit bureaus.

Young people who get in the habit of ordering free credit reports early on will surely have accountability for their actions throughout their lives and can quite possibly avoid financial problems that are essentially within their own control.

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With Halloween right around the corner there is much talk right now about hauntings; ghosts and ghouls are on the minds of the youngsters in our life as they pick out their Halloween costumes to celebrate this time of year when having fun is all about being scared.

But there are those things that haunt us in life that are far from fun and can actually have a really scary impact on our lives. Our credit report (cue the screams), for instance, is one thing that many people would rather leave dead and buried never to be seen again. But just when you think it’s gone for good, its bony hand pokes out from the earth and seizes us from the comfort of our peaceful world…you get the idea.

It’s true; nothing has more impact on our financial standing than our credit report – that which basically alerts potential lenders to whether or not we would be a good enough credit risk for them to extend money to us through a loan. If you apply for a mortgage they pull your credit report; you buy a car they pull your credit report; get a credit card, they pull your credit report; even apartment rentals and job openings can be subject to a review of your credit report.

Careful review of your credit report throughout the year will alert consumers to possible errors being reported by creditors; errors that can have serious bearing on the ability to receive future loans. And such review may even alert consumers to the existence of possible identity theft.

So stay on top of your own credit report through the ordering of free credit reports throughout the year and pay attention to what’s happening with your credit. And remember, if you pay it no attention, it could haunt you for a lifetime!

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It may feel as though summer just ended but before we turn around the holidays will be upon us and the end of the year looms just behind. Surely we are all hoping for a much better fiscal start to the New Year than the economy we’ve currently been experiencing. Of course, as the year comes to a close we all have financial considerations in terms of making sure that we close out our yearly books appropriately and get ready for tax season.

What many consumers may not know is that they have the right to receive free credit reports from each of the credit bureaus once a year. And if they haven’t already done so, now represents a great time to get online and order a free credit report from Experian, Equifax, and TransUnion. The process is now easier than ever as all consumers have to do is logon to www.annualcreditreport.com to be able to order free credit reports from each of these credit bureaus that hold our financial information.

While it may seem like a bad time to be thinking about your credit report in light of what is happening in the economy around us, it is actually the most appropriate time to take control of our own finances and make sure that all is as it should be with our credit report.

Our credit report can be affected each and every day by the decisions that we make. But it can also be impacted by errors made by creditors or by unlawful activities being conducted by those who have assumed our financial identity – otherwise known as identity theft. Keeping in touch with your credit report through free credit reports is an important step in making sure that everything is accurate when it comes to your finances; and now – prior to the end of the year - is a great time to do just that.

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Interesting economy isn’t it? Well, not as much as interesting as terrifying. But if you are able to take a step back and look at how one thing affects another it is really interesting to see how supply and demand works in this country – and globally as a matter of fact. Right now, lending has essentially halted in most respects as creditors – and the rest of us, for that matter – wait for more details regarding the bailout plan. The housing market watches with baited breath and everything is sort of just hanging in mid-air.

Retailers, already sensing that this is not going to be their best holiday season, are already starting to offer crazy deals in order to corner the market on those shoppers who will actually be spending money. Credit cards may be lowering limits now but they will soon be back in competition to earn your patronage. This is the time to start putting in the work to compare credit cards.

In the weeks to come we will see credit cards drop their rates, eliminate service fees, and even offer introductory time periods where no fees are accrued whatsoever. If you take the time to compare credit cards you could conceivably save yourself a significant amount of money and ultimately come out ahead in this crazy time in history.

Ultimately, no matter what happens with the economy it is up to each and every one of us to protect our own interests. Poor financial decisions project poorly on our credit report; that does not change even in the face of this economic climate. So take the time to check your credit report often through the use of free credit reports, reel in your spending and make sound financial decisions, and compare credit cards to determine other ways in which you could save.

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Continuing from the last post, more on what we can do to stay in control of our finances:

• Utilize free credit reports. How can you make sure that you keep abreast of your credit report? Free credit reports – something that we all have the right to receive as consumers – can allow us to stay on top of any activity happening on our credit report including the decrease of our credit score and unusual changes. In fact, we are all given the opportunity to get a free credit report once a year from each of the credit bureaus – Experian, Equifax, and TransUnion. By ordering free credit reports from all of the credit bureaus throughout the year we can make sure that we always know where we stand in terms of our credit.

• Compare credit cards. Now is most assuredly the time to stay in control of your spending and that includes spending on erroneous fees. This is why it is so important to compare credit cards throughout the year to make sure that you are absolutely getting the best deal available to you. Different credit cards offer different interest rates and introductory offers; by staying on top of what the credit card companies are offering you can transfer balances, pay lower interest rates – and even zero percent interest for a period of time, and take advantage of the earning of different points good towards travel and the like. Take the time to compare credit cards and you will be taking the time to save money.

• Secured credit cards. For those who are not in the best financial position but still need the credit, there is the opportunity for secured credit cards. Such cards extend the user a particular amount of credit, but the cardholder must match this credit limit by depositing the matching amount into a secured savings account. Secured credit cards protect the lender from default and allow consumers to build their credit.

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There are few of us who are not struggling right now in some way. Our finances are all in jeopardy; the economy is such that there are few of us who have escaped from the ramifications of a crashing market, a stagnant housing market, and a credit freeze that has most of us at the mercy of lenders that are far too nervous – or simply not able – to lend money to anyone, business or otherwise.

What can consumers do in order to protect their interests during these difficult times? The fact is that the pendulum will eventually swing the other way and we need to make sure we are in a good enough position to be able to enjoy this upward turn. Continuing to a blind eye to the economic crisis and continuing with haphazard spending will only serve to put us deeper in a hole that will become increasingly difficult to get out of; if we are not paying close attention to our interests then who will?

Some of the ways in which we can make sure that we are not only protected in terms of our credit but in good enough standing that we can receive money when there is money to be lent, involves a number of things including:

• Checking your credit report. It’s true that most of us don’t want to know anything happening with our credit report right now. Lenders are lowering credit limits left and right to make sure that they protect their interests; they don’t want all that money out there for the taking by consumers that may not be able to pay it back. But the problem is that the lowering of these limits also temporarily lowers our credit score. This is something to be aware of if nothing else. Additionally, understanding your credit report is important so that you can recognize something that is out of place – including errors and activity that could signify identity theft.

More in the post to follow…

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This may be the very last period of time that you would want to scrutinize your finances. What with everything happening with the economy, it’s difficult enough to get through the week with our mental state intact; the last thing most of us feel like doing is looking at what is happening on our credit report.

But the fact remains that this is exactly the time when we should be closely examining what is happening with our own credit report. It is far too easy to let the mood of the moment govern our financial decisions; far too easy to just go with the flow; far too easy to stick our heads in the sand and promise to “deal with it later.” If we can’t keep control of our finances now we could be putting ourselves in a tough position going forward so that we will not be able to enjoy the good times when there are, in fact, good times to be enjoyed.

Now is the time to pay close attention to your credit report through the use of free credit reports – something that we all have the ability to get from the credit bureaus throughout the year. In fact, consumers are able to order free credit reports from each of the credit bureaus – Experian, Equifax, and TransUnion – once within every twelve month period which means that consumers can have constant access to their credit report so that they are aware of any changes to their credit score and can quickly address any problems.

Free credit reports allow consumers to stay on top of inaccuracies that, if not caught, can damage credit for many years; possible signs of identity theft; and their FICO score which essentially determines what kinds of loans for which they will qualify. Such information is well worth the time it takes to order such free credit reports.

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In the last post we talked about the many ways in which the American public is nickeled and dimed on a monthly basis; everything from our utility bills to our cell phone bills are filled with charges that we weren’t aware of or didn’t know existed until we see them in black and white. Unfortunately, however, most of us don’t see it in black and white; we are all so busy that most of us simply pay our bills without so much as glancing at them. And this is where we can stand to lose the most amount of money.

No matter what the bill in question, it is absolutely imperative that each and every consumer take charge of their finances by scrutinizing their bills with the seriousness of an accountant working for a client. These may be small charges - $5 here, $10 there – but when you add them up over the years you are talking about a whole lot of money.

Credit cards are especially difficult in this regard as we could sign up for a card thinking that it has all the bells and whistles that we need only to discover down the road that our interest rates have been increased or we have been subjected to service fees over and above what we are already paying. In order to take control of this situation it is important to compare credit cards as often as possible.

Luckily, with the Internet at our disposal we are able to compare credit cards much easier than ever before. Through online research we can find those credit cards that offer introductory low finance charges, the ability to transfer balances or earn points, or other features that may be appealing to us. When we compare credit cards we are laying out all the options for ourselves and making the choices that make the most sense for our financial situation; and there’s no better way than that to take control.

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