Expert Suggests Using Credit Report as a Tool to Manage Credit Card Debt


InvestigateTV – Credit card balances can be scary and overwhelming at times, but according to financial experts, pulling your credit report is a great way to understand your complete credit breakdown.

Cherry Dale, a money coach at Virginia Credit Union, said if you’re trying to control your credit cards, get your credit report out.

According USA.govyour credit reports show the following information:

  • Bill payment history
  • Loans
  • Current debt
  • Where do you work
  • Current and past addresses
  • Whether you have been prosecuted or arrested
  • Bankruptcy filings
  • Other financial information

Dale said that just before the holiday shopping season is a good time to write your report because you’ll get an idea of ​​where you are before you hit your list.

You are entitled to a free credit report each year under the Fair Credit Reporting Act (FCRA).

There are many sites that offer credit reports, but AnnualCreditReport.com is the only site authorized under the FCRA to give a free credit report.

Once you’ve extracted your report, Dale suggested you list this information:

  • All your credit cards/debts
  • Interest rate of each card
  • Balance of each card
  • Monthly payment

With this information, Dale suggested you set up a payment plan to see how much more you can pay for balances each month. Dale said to pay at least the minimum on each one and pick a card, usually the one with the highest interest rate, to start attacking first. She said any extra unbudgeted money, even $50 a month, that you can use for this card will help you pay off your card debt faster.

You can learn more on credit reports and other credit topics on the Federal Trade Commission (FTC) website.

USA.gov also free credit and debt management resources.

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