Quick financial New Year's resolutions

The start of the New Year is a perfect time to clean out your closets and get organized. Along with freshening up the house, there are a few quick things you can do to sweep out your financial cobwebs this January. These quick resolutions yield big results and don't require a trip to the Container Store:

• Pay overdue accounts - Library fines, parking tickets, video store fees and medical bills can all be sold to a collections agency if they are left unpaid. In turn, collection records can cause significant damage to your credit report for up to seven years. Use the start of the New Year to scour your records for any overdue accounts you may have forgotten. Once the debt has been sent to collections, it will be too late and the credit damage will be done.
• Check your credit report - Experts recommend that you check your credit report at least once a year, whether you need it or not. Check your report for suspicious changes, inaccuracies and signs of identity theft. You can either order your free reports from www.annualcreditreport.com or can purchase your credit reports and scores online. Make checking your credit report at the start of the New Year an annual tradition.
• Give your finances a check-up - Take a little time to look at all your credit, loan, savings and banking accounts this January. A quick financial check-up can help you spot overdue accounts, mistakes in your records and places where you need to improve. Also, don't forget to review your credit card and loan accounts for any rate or term changes that may have missed your attention in 2005.

Start the New Year with fresh finances! These three quick financial resolutions can help you keep your credit and finances healthy in 2006.