Experian Launches Financial Literacy Initiative
Many people struggle with knowing exactly how to handle their finances. Study after study shows that consumers do not have adequate confidence in their personal finance savvy, and worry that they aren’t equipped to make effective and responsible money choices.
In this spirit, credit bureau Experian has launched a new financial literacy initiative, in tandem with the Jump$tart Coalition. The theme of the initiative is “Creating a Financially Literate Future,” and Experian plans to offer free credit education and consumer tips, to assist folks in managing their credit profile and improving their credit score.
Rod Griffin, director of public education at Experian, explains that advances in technology have resulted in new choices for consumers. “As technology rapidly evolves the financial industry, consumers are faced with more financial decisions that ever before,” said Griffin. “We want to help them feel confident in their decision-making. The only way to accomplish that is to ensure that effective financial education is provided throughout a person’s life.”
Tips for better credit
Griffin offered the following tips for folks who want to achieve better credit scores. Good credit is essential for anyone who wants to be approved for credit cards with low APRs, high-value rewards programs, the lowest fees, and the best terms and conditions.
• Look over your credit history regularly. Getting a copy of your credit report at least once a year is vital. You can request one from Experian, Equifax, TransUnion, FICO, or get all of them for free through Annual Credit Report (annuacreditreport.com). Many credit reports contain errors; if yours does, you’ll want to have the faulty information amended as soon as possible.
• Know your score. When you order a copy of your credit report, ask for a credit score report as well. Your credit score plays an incredibly important role in what sort of interest rates you’re offered, whether you’re approved for a good credit card, and if you can secure a low-interest mortgage or car loan.
• Keep your debt load low. The more available credit you have, the better your credit score will be. Keep your balances under 30% of your credit limit, if you can; under 10% is even better.