Don't belive the rumors

It's a common rumor...one that simply will not be put to rest...the myth: checking your credit data harms your credit score. But it's definitely not true.

Checking your own credit reports, credit scores, etc will not harm your credit score at all. Only when a lender checks your credit for the purpose of an application can a slightly damaging "hard inquiry" appear on your credit report. Each hard inquiry can cause about a 5 point drop in your credit score.

Back to school

It's back to school season again! When your kids are gearing up for new classes and picking out backpacks, why not take this opportunity to get a little education of your own. Order all three of your credit reports online and see where your credit stands. Do you have A+ credit or should you hit the books?

Fall is the perfect time to work on your credit. Car buying season is around the corner and holiday credit card debt is looming. Check your credit reports for inaccuracies and make changes now...before it impacts your rates.

Credit card delinquencies hit all time high

According to an Associated Press report today, nearly 5% of all credit card accounts were 30 or more days past due between April and June 2005. Experts indicated that rising gas prices were partly to blame for this increase. Credit card late payments result in costly late fees and can damage your credit report for up to 7 years.

What does this mean to you? Prepare to stretch your dollars this fall as gas prices continue to increase and federal interest rates start to climb. You can prevent credit card late payments by signing up for an online bill payment service or paying your bills as soon as they arrive. Even if you can only make the minimum payment, you should always pay your credit card bill on time each month.

The big three

You'd be surprise to learn how few people know the names of all three credit bureaus. The three national credit bureaus are Equifax, Experian and TransUnion.

It's common for people to incorrectly name FICO (which is a credit scoring company not a credit bureau) and TRW (which is now part of Experian) when asked to name the big three. Understanding how the credit bureaus work can help you manage your credit and negotiate with lenders.