Reclaim Your Credit Profile ... Four FREE Online Tools to Improve Your Credit Health

This past weekend I sat down with my dad to talk about his outstanding credit card balances. My dad, like many other working-class immigrants, has over the years relied on credit to get through both basic necessities and unexpected financial challenges. Unsurprisingly, in the process he's accrued hefty amounts of interest to his name.

However, what was surprising to me was how little he wanted to talk about the topic! Although my dad is a numbers guy, reflecting on his debt brought an element of discomfort and avoidance that I don't often see with him. I recognize my dad is not alone in feeling this way - facing your debt head on can be overwhelming. But if there's one thing we believe at WealthOnThe7, it's that knowledge is power!

In this week's WealthOnThe7 post, we share 4 FREE online tools to help you reclaim your credit profile!

Part 1 | Reclaim Your Credit Score - MyFico

Your credit score is a numerical representation of your creditworthiness. This score ranges from 300-850 and is assessed by credit bureaus. In the U.S, there are 3 credit bureuaus - Experian, Equifax, and TransUnion - each of which use the FICO Score algorithm to produce their assessment of your FICO credit score based on the consumer credit data they collect. Accessing your FICO Score should be FREE! Although there are plenty of websites that will try to get you to pay for a premium plan, you don't need one. And unsurprisingly, the most reliable way to access your credit score is ... FICO! FICO has an official consumer division, so anyone can check their FICO score at https://www.myfico.com.

It is worth mentioning that myFICO does have a premium plan, which is the page you will land on when you search for the website online (pictured above). As such, make sure to select the "Free Plan" option when you open your account. I repeat: Do NOT pay for the basic $19.95 tier under the premium plan!

Once you have an account, you will have the option to see your FICO score from one credit bureau only - Equifax. If you want to see all three FICO scores, you will need to upgrade your plan. However, seeing your Equifax FICO Score should be more than enough to get you started.

N.B. The 3 credit bureaus - Equifax, Experian, and TransUnion - teamed up in 2006 to create a lesser known score know as VantageScore. Lots of fintech apps like to report your VantageScore. However, most lenders in America check your FICO Score, not your VantageScore. Remember, your FICO Score does not equal your VantageScore.

Part 2 | Reclaim Your Credit Boosters - Experian Boost

Non traditional credit types like rent, electricity, and water bills can help boost your credit. They show your ability to make consistent payments on time and thus reflect well on your credit worthiness. However, these companies (e.g. your electricity company) don't report your payment history to the credit bureaus. And unfortunately, you alone cannot report them either.

The good news is that third-party apps and services can ... for FREE. One example of a third-party provider is Experian Boost: Popular bills that work with Experian Boost are Netflix, Disney+, Hulu, HBO, AT&T, Spectrum, and Verizon.

Part 3 | Reclaim Your Credit Report - Annual Credit Report

With the free MyFICO account, you get access to your Equifax FICO credit score and your credit report. Remember: your credit report does not equal your credit score! While your credit score is a numerical representation of your credit worthiness (i.e. just a number), your credit report is a fuller report of your consumer credit habits/data.

If you want access to ALL THREE credit reports from the three credit bureaus, visit annualcreditreport.com. The law requires that everyone have access to a free copy of all three credit reports at least once per year, and this website is the only online source authorized by federal law to provide this. You can download (or print) your three credit reports for your records.

N:B. Access to monthly updates , score and credit monitory, identity theft insurance will require you to pay.

Part 4 | Reclaim Your Credit Repayment Calculator - Calculator.net

Once you have decided you will face your debt head on, it's important to lay all the numbers in front of you. One excellent FREE resource to organize your debts and help you understand how long it will take you to pay down your debt is Calculator.net.

When you land on the home page, make sure you type "debt" in the search bar and select "Debt Payoff Calculator." Play around with the calculator - including with extra payments above the minimum payment - to get a better sense of how long it will take you to conquer your debt.

That's it for this week's WealthOnThe7. I hope you will take the time to explore the resources above and share them with friends and family! Thanks for the ride - see you again soon! WealthOnThe7