Protecting Your Credit
Article Highlight: How and Why You Should Check Your Child's Credit Report
Everyone from creditors to employers will be looking at a little three-digit number known as your credit score to ascertain opinions about you and your ability to pay your bills. The more you know about credit, the more you'll be in control of your own personal, professional, and financial life.
Credit Reports and Scores
A good credit report or rating can open up many doors to you, but a poor credit rating can get doors slammed in your face. The better your credit score, the better your chances are of qualifying for credit and obtaining low interest rates on credit cards and loans.
- Understanding what factors are used in credit scoring systems like FICO can help you raise your score when needed.
- Learn how to get free, legitimate copies of your credit reports so you can regularly check your credit activity and history.
- While it may not be instinctual, checking your child's credit report often can help prevent identity theft.
Credit Protection Online
People today do a lot of banking and financial transactions online. This makes it easier for you to access your finances, but can also make it easier for scammers and identity thieves.
- Protecting your credit online starts with creating strong passwords that are long and include letters, numbers, and special characters.
- Learn how to prevent Cyber identity theft through anti-virus programs, spyware, and eliminating shared computers.
- Simple acts like saving receipts and making sure websites are encrypted can protect your credit card numbers when shopping or paying online.
Understanding and Using Credit Cards
Credit cards can help you pay for big purchases now and pay them off a little at a time or earn rewards. When a credit card is issued to you, no one else is allowed to use it and there are laws and punishments for credit card fraud. Some cards come with a chip on them that will automatically help keep your card safe by preventing things like credit card skimming. While you need to focus on keeping your credit cards safe from thieves, you also need to remember to pay your bills on time or you can be sued for credit card debts.
Keep Your Credit Safe
Keeping your credit protected takes knowledge and action from you on a regular basis. If your credit is compromised, it could make your life a lot more difficult. Read up on credit security resources to be prepared for whatever might come your way in terms of credit.