Whether you are trying to build up your credit or you are trying to get your credit score up, it is important to keep a close eye on your credit report. These days, there are a number of ways you can check your credit report, and you can even get a score tracker to help you keep an eye on your score.
Building credit with a friend or family member’s credit card
Adding an immediate family member as an authorized user on your credit card is a nifty little trick that can help you to build credit, while giving your family some added perks. It’s not as hard as you might think, and the rewards can be quite substantial. However, you should be aware of some of the downsides to this scheme.
For example, it is possible for your family member to make a bad decision that will harm your credit score, such as not paying the bill on time. This may happen in the absence of a solid financial plan or an emergency savings fund.
The best way to avoid this scenario is to make sure your family member knows how to make the responsible choice. Luckily, a simple phone call can help your family member get on the right track.
A credit card is a revolving line of credit, so it’s a good idea to keep the balance low, or pay off the balance in full as soon as possible. Paying off the balance in full can help you to increase your credit score, which is the main reason you should have a credit card in the first place.
Using a TransUnion app to check your TransUnion credit report through your phone
Using a TransUnion app to check your TransUnion credit report through your phone is a good way to monitor your credit and protect yourself from identity theft. You can also sign up for TransUnion alerts to keep you updated on the latest credit news and alerts.
Credit reports are a record of your past credit use. They show you how much you have borrowed and paid back, as well as what type of accounts you have. You can also find information on your creditor’s payment history.
TransUnion is a national credit reporting company that helps 500 million consumers worldwide. They also provide solutions to 45,000 businesses. As a member of the National Association of Consumer Credit Agencies, TransUnion is a part of a regulated industry that protects your personal data.
TransUnion offers a mobile app for iPhone and Android users. The TransUnion credit monitoring app provides access to your TransUnion credit report, along with alerts and interactive tools. You can also sign up for TransUnion alerts to get notified of new accounts opened in your name, unauthorized inquiries, fraud alerts and more.
Using a credit monitoring service with a score tracker
Using a credit monitoring service with a score tracker can help you build and monitor your credit score. A good credit score can open the door to loans and insurance premiums, and it can also prevent you from being denied mortgage approvals. A low credit score can make getting a loan difficult, driving costs up.
Credit monitoring alerts you to changes on your credit report, allowing you to correct errors and minimize the negative consequences of fraudulent activity. The alerts will also help you identify potential identity theft.
Some credit monitoring services monitor all three credit bureaus, while others monitor only one or two. You will need to decide which service works best for your budget and your credit monitoring needs.
The best services monitor all three credit bureaus, providing you with your FICO score from each bureau. They also track changes in your credit report and notify you of any hard inquiries, account openings or collection accounts.
Avoiding identity theft ploys
Taking the time to build and monitor your credit can help you avoid identity theft ploys. Having a solid credit history can make it easier to get credit at good rates and in some cases, it can even help you get approved for loans.
The Federal Trade Commission says to monitor your credit report regularly. If you see unauthorized transactions, you may have been targeted. In some cases, you may be able to dispute the information and get a refund. If you see false charges on your statement, it’s important to contact your credit card company immediately.
If you are concerned that your personal data has been stolen, you can set up an extended fraud alert. This will help you protect your identity for the next seven years. You will also receive two free credit reports, as long as you can prove that you are the victim of identity theft.
To avoid identity theft, you should not carry your Social Security card with you. It’s also important not to leave your mail unattended. Fraudsters can reroute mail, dig through your trash or change your address.