Stretch Your Dollar: Checking your credit score to help you save money

Stretch Your Dollar

(WTNH) – Whether it’s a car, a house, or another big purchase for your home, it’s important to have a good credit score to save money on the terms of a loan.

When was the last time you checked yours? We are stretching your dollar with what experts say you should do at least once a year.

From work to home and everything in between, life is busy enough, but if there’s one thing to add to your to-do list this year it’s to check your credit score.

“It’s not uncommon to find there are irregularities or there are certain things out there that are not accurate and it’s an opportunity to see if we can go out and correct some of those mistakes,” said Matthew Carbray.

Matthew Carbray of Ridgeline Financial Partners says to check your report even when you don’t have a big purchase coming up. It’ll give you a chance to correct any errors, so it’s in order when you need it.

“Certain credit institutions have reported you as being delinquent, when you may not have been. It’s quite the process to contest some of that stuff and it does take time and diligence, but there are opportunities to get those items removed from your credit,” Carbray said.

Having a good credit score will land you a better interest rate on future loans, saving you money in the long run, and it’s not a bad idea to get the whole family involved. Start talking to your children about credit as you check your own report.

Remember that it’s a myth that checking your credit report negatively impacts it. You’re encouraged to look at it at least once a year.

As your children begin establishing credit, Carbray suggests having a way to track their activity so they’re not spending more than they can pay off.

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