Credit Score: Credit Sesame (Free Experian Credit Score)

August 5, 2012 by Tracy

Photograph Credit: Credit Sesame

In last week’s 2012 Second Credit Report Update, I linked to my post on Quizzle for receiving a free Experian Credit report and score. Another option for receiving your Experian credit score is through Credit Sesame.

This financial management tool offers a big picture of your credit. For those who want debt management assistance, Credit Sesame users find these tools helpful. One of my favorite blogs, the Krazy Coupon Lady, offers a personal recommendation for Credit Sesame.

I find Quizzle quick and easy to get our free Experian report. But if you find Quizzle difficult to navigate or prefer another resource for your free Experian credit score, then check out Credit Sesame.

Both services are free to you. This means that there will be offers or advertisements to get your money. Just concentrate on your goal – checking your credit score. 😉

As you check your credit and your credit score, use the free options available to prevent identity theft while using time wisely. Happy reviewing!

Question: What do you think of these free services?

2012: Third Credit Report Update

October 21, 2012 by Tracy

Photograph Credit: Microsoft Images

Unfortunately, identify theft is on the rise. As our family is a victim from the security breach of the South Carolina Department of Revenue, I cannot shout loud enough the importance of routinely checking your credit reports.

If you are following my recommended schedule for requesting your credit reports, then check the date on your previous year’s credit report.

Wait at least one full year from the processing of your last request for a free report. For example, I requested my Equifax report more than a year ago, so I can request another this year for free.

In using time wisely, I request our reports every 4 (or 5) months. This month, I requested Paul’s TransUnion report and my Equifax report. Though the request options include web site and mail, my preference is by phone. As the credit bureaus have been slammed with requests, I am still awaiting our reports.

But when the reports arrive, I will do the following:

1. Review for errors,

2. Challenge discrepancies,

3. Run a free TransUnion credit score for Paul,

4. Replace last year’s reports with these accurate reports with score in the first file slot of Box 1 of my important documents, and

5. Put file box away until February’s credit check

Running the free credit reports keeps you informed of your active accounts and alerts you to any unauthorized new accounts. To protect your identity, request your credit reports on a rotating schedule while using time wisely. Watching closely with you!

Question: Have you been a victim of identify theft?

Planning for Success: Insert Credit Report Schedule – Day 6

January 6, 2013 by Tracy

Photograph Credit: iStockphoto

Knowing that a successful year will not materialize on its own, we must plan and prepare for a prosperous 2013.

Throughout the 31 days of January, I will choose one topic each day to prepare or schedule for this year.

Without preparation, I know I will forget, miss, or overlook certain items. If you desire an organized year, then join me in this adventure of Planning for Success for a prosperous 2013.

To receive a daily e-mail around 11:00 a.m. with the new posts of each day, subscribe to my free daily newsletter. In case you miss a post in this series, I will provide the link to each day as the month progresses. 🙂

Day 1: Select a Planning Tool

Day 2: Add Your Priorities

Day 3: Print and Display Your Menu Planner – with free printable

Day 4: Record Membership Expiration Dates

Day 5: Mark Due Dates for Monthly Bills

Day 6: Insert Credit Report Schedule

With the rise of identity theft, everyone must carefully consider who gets her personal information. Even being careful with your information, hackers and thieves may still gain access. To protect your accounts and learn of issues promptly, request your credit reports throughout the year.

AnnualCreditReport.com provides one free credit report from each of the three credit bureaus each year. All three bureaus should report your information accurately. Therefore, if any new accounts have been opened, you would see that information on your report.

In our household, I request reports from different credit bureaus for Paul and I every 4 months. This way, we can see two different reports to be sure our accounts are still accurate.

My recommended schedule has worked for us. Just remember if you follow my schedule, to check the date of your prior year’s report. To get the free report, you need to wait one full year before getting a new one.

On our calendar, I have added notations to these months to check the following credit reports:

FEBRUARY

Paul – Experian

Tracy – TransUnion

JUNE

Paul – Equifax

Tracy – Experian

OCTOBER

Paul – TransUnion

Tracy – Equifax

In planning for success, insert a credit report schedule into your calendar. By checking your credit, you will find any discrepancies and catch any newly unauthorized activity before more damage is done.

A quick note in your calendar with the chosen credit bureau will remind you to review your credit report for free. Wishing that all your accounts remain free from identity theft as you check your reports often. Happy recording!

Question: How is your schedule similar or different from mine?

Guest Post: Is a Reverse Mortgage Right for You?

January 20, 2013 by Tracy

With budgets getting so tight already this year, you may consider selling unused items, refinancing your home, or getting a reverse mortgage to increase your income. Before accepting a reverse mortgage offer, please consider the pros and cons. To help us understand a reverse mortgage, I present Kay Winders of badcreditloans.org, our guest post writer today. Thank you, Kay! ~ Tracy

Many seniors find that they spend the majority of their adult, working life paying off the mortgage on their home only to struggle to maintain the taxes and upkeep on their homes once they retire and are no longer making the same income.

For many, a reverse mortgage provides the answer they need to solve their financial difficulties, either for maintaining their homes or for taking care of other obligations that become difficult on a limited income. Or, it can just provide the money needed to truly enjoy retirement.

With a reverse mortgage, the bank pays out a loan based on the amount of equity you have in your home. The money can be paid out in a lump sum, issued in monthly payments, or given as a line of credit. You retain the title to your home (and the responsibility for taxes and repairs), and the bank is paid back when you sell your home (or your heirs pay it back when you die).

Like any loan, it is important to evaluate all the pros and cons to determine if a reverse mortgage is the right choice for you. Here are a few factors that you should consider when making the decision:

Your Age

Banks consider your age when deciding whether to grant you the loan and what interest rate to charge you. The older you are, the more likely you are to be approved for a loan. That’s because you are likely to have more equity built into your home and because the bank will assume that it will be responsible for the monthly payout for a shorter amount of time.

How Much You Owe

To qualify for a reverse mortgage, you must own your home or be able to pay off the amount you owe at the time of closing on the reverse mortgage. The bank can’t pay you for a home that you don’t legally own outright. If you still have many years to go before you pay off your home, just wait until you are close enough to the finish line to pay off the rest while still profiting from the reverse mortgage.

The Value of Your Home

You will have to pay back the reverse mortgage when you sell your home — or your heirs will have to pay it off when you die. It’s important to consider trends in the real-estate market before you choose a reverse mortgage. If the market tanks in the next few years, the value of your home may plummet, and you may not be able to sell your home for what the bank paid you for it. If the value of your home drops, you may pass on big debts to your heirs.

Inheritance Plans

Many people want to leave their homes behind for their children or other family members as an inheritance. If you get a reverse mortgage on your home, you won’t own it outright anymore, and you will risk not being able to leave it to your heirs. Even if you don’t sell your home and pass it on to your heirs, they will be responsible for paying off the reverse mortgage when you pass, potentially saddling them with large debts.

A reverse mortgage is a great way to get the money you need during retirement to either provide an income stream or to fund your travels or other retirement projects. However, you should carefully consider these issues before deciding if a reverse mortgage is right for you and your family.

Question: Have you secured a reverse mortgage on your home? Tell us why it was the right decision for you in the comments!

Kay Winders is presently the resident writer for badcreditloans.org, where she researches the best way for people to pay off their debts without damaging their credit. In her spare time, she enjoys freelance writing, the beach, and gardening.

2013: First Credit Report Update

March 31, 2013 by Tracy

Photograph Credit: Flickr (Dan Eriksson)

Though you have probably already requested your first credit report this year, I wanted to remind you in case it slipped your mind. Having placed a reminder on my calendar during the Planning for Success series, I requested our credit reports in February.

Staying proactive in reviewing our credit reports alerts us to any unusual activity. Protecting our accounts with protective passwords and credit limits, we hope to deter identity thieves from our accounts.

To check those accounts often, we request one credit report every four months. With one free credit report each year from each of the three credit bureaus, we can monitor our credit all year along without paying a monitoring service.

If you are following my recommended schedule for requesting your credit reports, then check the date on your previous year’s credit report before requesting a new report. Wait at least one full year from the processing of your last request. For example, I requested my TransUnion report on February 20, 2012, so I can request another this year for free anytime after February 20, 2013.

In using time wisely, I request our reports every 4 (or 5) months. During the first quarter of 2013, I requested Paul’s Experian report and my TransUnion report. When the reports arrived, I followed this plan:

1. Review for errors,

2. Challenge discrepancies,

3. Run a free Experian credit score for Paul,

4. Run a free TransUnion credit score for Tracy,

5. Replace last year’s reports with the new reports and credit scores in the first file slot of Box 1 of my important documents, and

6. Put file box away until June’s credit check.

By scheduling our credit report requests on my calendar, I stay on track while checking our reports. Though we have not had any unusual activity, I find reassurance in seeing the same information reported repeatedly. This process only takes a few minutes, but finding an error can save you money, energy, and time. Happy checking!

Question: Do you regularly check your credit reports?

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