TrueCredit.com Champions 'Gold Medal' Consumer Credit Behavior

2008-08-05 19:22:10 -

www.truecredit.com - for TrueCredit.com Steven Katz skatz@transunion.com 312.985.2373 or Aimee Eichelberger aeichelberger@c-k.com 312.568.7324 Every four years, the Summer Games give athletes the opportunity to showcase their elite skills to the entire world in hopes of attaining the dream prize-the gold medal. While only a select few achieve that honor, virtually anyone can reach 'gold medal' status when it comes to

their credit behavior, thanks to easy tips from TrueCredit.com.

According to Trend Data from TransUnion, the national average credit card debt is $1,694 per borrower, 5.6 percent higher than last year. But many consumers may not realize how credit card debt and other factors impact their overall financial status.

"Actively working to maintain a good credit score is the foundation for creating a positive financial outlook, and the best time to start is now," said Lucy Duni, vice president of Consumer Education at TransUnion's TrueCredit.com. "By training themselves to follow a few simple guidelines, consumers can rise to the top of their credit game and compete more effectively for the ultimate credit prize - low interest rates."

TrueCredit.com helps consumers better manage their finances by providing five easy tips for gold medal credit behavior.

1. Pay your bills on time, every month, no exceptions.

Mark your calendar, make yourself an appointment in Outlook, or set an alarm on your cell phone. Just make sure you don't miss a payment due date, even if you can only pay the minimum amount due.

2. Keep your balances at or below 35 percent of your limits.

Lenders evaluate you, in part, based on how much of your available credit you're using. So, if you allow your credit card balances to creep up toward their limits, you may be less likely to get approved for a loan at a competitive rate.

3. Monitor your credit reports regularly, like you would monitor your health.

Much like your physical health, regular credit health "check-ups" can help you remain in good financial shape down the road. Keeping a close watch on your three credit reports and scores throughout the year via a credit monitoring service can provide you with insight into how lenders are likely to view your credit standing at any point in time. Given the continued prevalence of identity theft, keeping tabs on changes and accuracy can also help you detect potential signs of fraud.

4. Keep tabs on any lease or loan where you're the co-signer.

Think twice before you co-sign for a relative, loved-one or roommate. When you open a joint account or co-sign on a loan, you are taking on legal responsibility for the account. Any activity on these shared accounts, good or bad, will be reflected in both credit reports.

5. Think twice before closing a longstanding credit card account.

Canceling old credit accounts can lower your credit score by making your credit history appear shorter. It may also increase how much of your available credit you're utilizing.

With the help of these tips, now is the time for consumers to go for the gold when it comes to credit management. Unlike the Summer Games, this is one competition where every person - regardless of past performance - can and should participate. To learn more about managing credit, visit TrueCredit.com.

About TrueCredit.com

Since 1999, TransUnion's TrueCredit.com has helped millions of consumers manage their own credit health. Through a suite of educational materials, free monthly newsletters and easy-to-use products, the company helps consumers understand personal credit management and empowers them to achieve greater financial well-being. TrueCredit.com's online products include credit reports, credit and insurance scores, credit monitoring, debt management tools and identity theft insurance services. TrueCredit.com is the direct-to-consumer arm of Chicago-based TransUnion Interactive, a subsidiary of TransUnion, a global leader in credit and information management. Manage your credit. Manage your life.(SM) www.truecredit.com

TransUnion's Trend Data database

The source of the underlying data used for this analysis is TransUnion's Trend Data, a one-of-a-kind database consisting of 27 million anonymous consumer records randomly sampled every quarter from TransUnion's national consumer credit database. Each record contains more than 200 credit variables that illustrate consumer credit usage and performance. Since 1992, TransUnion has been aggregating this information at the county, Metropolitan Statistical Area (MSA), state and national levels.

Editor's Note: for more information or to schedule an interview with Lucy Duni, contact Steven Katz, TransUnion, at 312.985.2373 (skatz@transunion.com) or Aimee Eichelberger, CKPR at 312.568.7324 (aeichelberger@c-k.com).

Leading Credit Monitoring Website Provides Five Easy Tips to Help
Better Manage Your Finances