National Credit Education Month

March is National Credit Education Month, a time to raise awareness about the importance of credit and financial literacy. There is no better time to educate yourself on the importance of understanding the ins and outs of your credit. Your credit report provides insight into how lenders and others see you. Checking your report regularly is a great idea to ensure your information is correct and protect against identity theft. With MMFCU, you can stay on top of your credit with the Monitor Your Credit Score tool from SavvyMoney. This is where you can get information and take steps to better manage your credit, at no cost to you. We'll help you improve your financial health with tools, resources, and alerts personalized to you. You can access all these features in Online Banking and Mobile App anytime:

1. Understanding credit and credit score. Payment history, credit usage, age of the credit, type of loan mix (secured and unsecured loans), and number of inquiries make up how your credit score is determined.
2. Check your credit report from Transunion within the tool and start the dispute process should you find errors. It is also suggested you review your credit report from all three credit bureaus (Equifax, Experian, Transunion) on an annual basis. You can do this by going to annualcreditreport.com and requesting them, this is a FREE service.
3. Monitor your credit score. Your credit score is a key factor in determining your ability to qualify for loans, other financial products, or renting an apartment. Learn how to track and improve your credit score with the Credit Score Action Plan.
4. Credit Monitoring and Identity Theft Alerts. You will be emailed when a new loan account is opened under your social security number. Also, when there is a change in your personal information, such as new address reported, new employer added and many others. The emails you receive are notifications to review your credit report and address any suspicious activity.
5. Financial Checkup. This assessment is a series of questions where you can enter your financial goals for Savings and Planning, Financial Security, and Monthly Budget to get an overall financial wellness score. It takes about 5 minutes of your time.
6. Credit Score Simulation. Have you wondered how your credit score would change if you paid off a loan, if you opened another credit card or missed a loan payment? This tool helps you understand the financial impact of your choices and assists you to plan and budget your finances more effectively.

For a quick 4 minute overview of many of the Monitor Your Credit Score features, watch ScoreTalk (similar to a "TED Talk"). By taking these steps, National Credit Education Month can be a foundation to improve your financial literacy and make more informed decisions about credit and personal finance. Want mor financial wellness tips sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.