Daily Money Maxims
FreyerMartin founder Carla Morelli is the author of the Washington Business Journal's Daily Money Maxims column. Each one shares a daily money management tip that will put your hard-earned money to work.
To Understand Your Budget, Understand Yourself (7/17/09): Budget. Most people wince at the word. Budgeting can be so frustrating. It seems like it should be so simple, but more often, it is an exercise in futility. more >
A Few Quick Steps Can Give You a Better Credit Score (4/17/09): There's no pretending times aren't tough. Banks have tightened lending restrictions, and the bar for "well-qualified" buyers is higher than ever. Good credit makes the difference between the deal you want, the deal you'll take, and no deal at all. more >
With Irregular Paychecks, Set Money Aside Regularly (3/06/09): What if your job doesn’t give a traditional paycheck? Whether you own a business, consult on an hourly or project basis, or are in a commission job, irregular income may be common. Balancing the timing of your income against the timing of your bills can be challenging. more >
Something Green You Should Conserve: Your Money (1/30/09): Have you considered turning your conservational eye on your wallet? You can help save the planet as well as your bank balance by putting your “green” in the black. more >
Meet the Columnists (1/12/09): Carla's columns are introduced. more >
Keep Up With Changing Information
The things we see with our clients can affect you, too. Read about things we're dealing with, receive tips you can use at home, and enjoy special offers. Choose monthly or quarterly editions.
What You Need to Know About Credit Reports and Scores
Credit Bureaus
The three major credit bureaus that collect consumer financial data are Equifax, Experian and TransUnion. You can purchase your credit report, credit score and monitoring services directly from these companies. Before purchasing reports or scores, bear in mind that:
- You may be entitled to a free report.
- The score provided by the credit bureau is not identical to the score a lender will calculate when you apply for credit.
Credit Reports
You are legally entitled to a free copy of your credit report annually from each credit bureau. They can be easily ordered through AnnualCreditReport.com, the only site authorized by the Federal Trade Commission (FTC). You are also legally entitled to a free copy of your report if you are denied credit based on information in the report. The credit bureau that supplied the report to the lender must also make a copy available to you upon your request.
Credit Scores
Fair Isaac Corp. is a company that provides credit risk scoring models to a majority of lenders. Although a few other models are also in use, FICO® is the most commonly used and is a major factor in most credit decisions. Your score has serious impact on:
- Your interest rate
- How much credit is extended to you
- Other terms such as down payment required, payment terms, loan terms
Scores are affected by the factors below*:
* myfico.com, 07/08Financial Calculators and Other Resources
These sites have been extremely useful to us:
Bankrate.com is one of the best resources for calculators and personal finance education available.
Myfico.com contains excellent information on individual FICO® scores and consumer credit in general.
The Federal Trade Commission has an extensive consumer protection section that includes information about credit as well as identity theft. View the FTC's identity theft brochure here >
The Identity Theft Resource Center is a nationally respected clearinghouse for prevention information and victim assistance.
The information provided above is illustrative in nature and is not intended to replace qualified professional advice.