Know what a credit score
is—and correct any mistakes
in your credit report—before
you apply for credit. Before
shopping for a mortgage, car
or any other large purchase,
be confident that your credit
information is accurate and
up-to-date with IdentityMonitor®.
Here are a few simple things you can do to help guard your credit:
Review your credit report regularly
Verify your personal information, your accounts and balances, your payment history, and inquiries made by lenders.
Pay your bills on time
Paying your bills on time reflects well on your credit report. If you have trouble maintaining current accounts, consider debt counseling to manage your finances.
Manage your debt
Don't overextend yourself! Calculate your debt/income ratio (the percentage of your income that goes to paying off debt) by dividing your monthly minimum debt payments (excluding mortgage) by your monthly take-home income. If your debt payment absorbs more than 20% of your income, consider reducing your overall debt.
Don't over-apply for credit
Limit the number of loans or lines of credit you apply for. Each application appears as an inquiry, and too many can reflect poorly on your credit report.
Shred your documents
Destroy any document containing personal, financial, or credit card information before discarding them in the trash.
Don't give your information away
Never include your Driver's License or Social Security numbers on your check. Only include your Social Security number on necessary documents and always ask if there is alternative information you may provide.