FINANCIAL LITERACY MONTH – NOVEMBER 2021
TORONTO, ON, November 16, 2021
Did you know that the difference between a poor and an exceptional credit score can cost you nearly $400,000 in your lifetime? Undetected identity fraud can significantly impact your credit score, resulting in higher interest rates that make credit cost you more. It could even impact your ability to receive credit in the first place – making it a lot harder to purchase that new car or home.
ID Assist helps you detect potential identity and credit fraud as early as possible to help you minimize the impacts on your financial well-being with alerts if your information is found online in places associated with cyber-criminal activities, daily two-bureau credit monitoring and alerts, monthly credit scores, and new credit reports every three months.
If you’re looking to boost your credit score this Financial Literacy Month, here are some easy tips to help:
- Pay your bills on time. Avoid frequent late payments by setting up automatic payments or reminders. And be sure to pay at least the minimum payment – more, if possible.
- Manage your balances. If your balance owing is $5,000 and your total available credit is $10,000, your credit utilization is 50%. Generally the highest credit scores have under 30% utilization.
- Reduce your debt. Pay down whatever outstanding balances you can and eliminate unnecessary sources of debt.
- Apply only for the credit you need. Too many credit applications close together can result in a short-term decrease in credit score. Don’t worry about shopping for the best mortgage rate, though – the credit bureaus understand what you’re doing.
- Establish a credit history. The longer you’ve had active accounts, the better.
- Maintain a good mix of credit. Having different types of credit can contribute to the overall health of your credit score. For example, a mortgage is seen as a lower-risk loan than credit card debt.
Knowing your credit score and reviewing your credit report on a regular basis are an important part of managing your financial well-being.
Find out more about ID Assist and how it can help protect you from identity fraud at www.idassist.com.