Perform Your Annual Financial Checkup For Free
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Much like the need for an annual visit to your doctor it is always wise to give your financial health an annual checkup as well.
In the health report that your doctor gives you, the doctor alerts you to any potential health problems and gives you a diagnosis. Similar to a medical report, your financial reports will reveal any discrepancies that negatively affect your financial well-being.
Regular medical exams are safeguards to good long-term health because any problems will be brought to your attention and reduce the damage that would be done. Regular financial checkups are just as important to long-term financial stability and freedom. If you found fraudulent activity on your credit report, you’d be able to solve the problem early instead of having the identity thief ruin your credit – something that would be detrimental to your financial future.
Fortunately, reviewing your financial reports do not carry the same costs as a medical checkup – in fact, it doesn’t cost you a dime. No insurance, no co-pays, and no fees. Everything is FREE (many thanks to the Fair Credit Reporting Act).
Start your financial checkup now:
Your Credit Report
- Visit AnnualCreditReport.com.
This is the only place you can obtain all 3 credit reports for free – one each from Transunion, Equifax, and Experian. The numerous ads and jingles for places offering “free” credit reports on TV are all false. You may choose to view all three annual reports at once or spread them out over the course of the year.
Your Credit Score
- Visit CreditKarma.com.
Firstly, you should be aware that the credit score from CreditKarma is not a FICO score. Their credit score is a TransRisk score based on your Transunion credit report. A FICO score, which most financial institutions use, is rarely available for free. Nevertheless, the CreditKarma score serves the purpose of analyzing your credit to point out areas of concern and to show you places where you can improve your credit.
Your Banking Report
- Visit ChexSystems.
Sure there is such a thing called a “banking” report. ChexSystems is a consumer reporting agency just like AnnualCreditReport.com. A ChexSystems consumer report consists of information such as security alerts, bad account history, and inquiries under your name with regards to your deposit accounts such as savings and checking (take a look at a sample ChexSystems report here).
Curing Your Financial Woes
Unlike a medical checkup, you will not have a professional beside you to treat your financial health because you are solely responsible for your financial habits. Luckily, there is a bunch of resources online (e.g. personal finance blogosphere) that can help you if you discover that your financial health isn’t doing too well.
If need be, don’t be afraid to visit a financial professional to answer your questions and solve your problems.
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3 Comments on this post
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Wojciech Kulicki said:
I just recently discovered Credit Karma, and have been generally very happy with the service. It’s a good indication of where my credit score is going on a long-term basis.
I’m happy you mentioned the other two as well–particularly the banking report, which many people don’t know exist.
November 28th, 2009 at 12:26 am -
Broke by Choice said:
Thanks. I only knew about the annualcreditreport.com.
November 30th, 2009 at 11:16 pm -
Betty said:
Great website with sound advice. We’ve been working on our annual financial checkup and the economy has really changed our plans. We are adding a few more check points thanks to your article. We’ve been learning all we can about becoming debt-free. There is a really great book called “The Debt-Free Millionaire” by Anthony Manganiello that explains things from an industry insiders perspective. I’m really learning a lot.
December 1st, 2009 at 1:10 am
