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Moms - Get the Credit You Deserve
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For more information contact:
Tanisha Warner (713) 394-3202 |
Release Date: May 10, 2007 |
Mothers wear many hats. In addition to being cooks, chauffeurs, maids and child care providers, many moms act as their family’s CFO. A survey by Money Management International determined that 73 percent of women consider themselves to be the primary spender in their household. Many of these women also pay the bills and take responsibility for teaching their children about money. Yet, despite the huge financial responsibilities they handle at home, many of these women are not able to get the loans they need or want because there is no record of their financial responsibility.
Although having no credit is better than having bad credit, it still presents some problems. Creditors lend money based on the potential that it will be paid back and the way they determine the risk of a particular loan is through credit reports. So if you have no credit history, there is no way to prove that you will pay your debts. To make sure you get credit for your good credit, the experts at MMI offer the following tips:
Get the facts. Consumers are entitled to annual free credit reports from each of the three bureaus. You can obtain your reports by visiting www.annualcreditreport.com.
Assess the situation. Determine what kinds of existing accounts you have. If they are joint accounts, information about the accounts should appear on your credit reports. However, if you are only listed as an authorized user, the information may not appear. If this is the case, consider asking the creditors to report the account’s activity; they are usually more than happy to add another person to an account.
Safely build your credit history. If you have few or no existing accounts, one safe way to build your credit is to get a secured credit card. You make a deposit into a savings account with a bank to secure a line of credit. The credit card company then issues you a card and a line of credit for at least the amount of your deposit.
Help them help you. Credit bureaus simply compile and report information that is provided to them. If you had credit under a different name or in a different location, take the time to supply the bureaus with complete and accurate information.
“Finally, make sure you know your rights when it comes to credit,” said Cate Williams, vice president of financial literacy for MMI. “The Equal Credit Opportunity Act and the Fair Credit Reporting Act give you specific rights that protect your credit information and help you obtain credit.”
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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