“A recent Wells Fargo survey said 27 percent of Americans are more worried about their financial health than their physical health,” said Gary Korotzer, an executive vice president in Wells Fargo’s Consumer Credit Solutions Group.
“In much the same way an annual check-up helps us stay physically healthy, consumers can take control of their financial health by regularly checking their credit and taking steps to improve it,” Korotzer added.
Free Consumer Credit Score Program
From October 1 – November 16, 2014, all Wells Fargo customers can access their free consumer credit score and complimentary credit report by visiting a Wells Fargo banking store and obtaining a unique personal access code from a Wells Fargo banker.
Since its inception in 2012, more than 800,000 customers and team members have taken advantage of the promotion and obtained their free consumer credit score and complimentary credit report.
In its third year, the Wells Fargo’s Free Credit Score promotion coincides with the American Bankers Association’s Get Smart About Credit day, a national campaign of volunteer bankers who work with young people to raise awareness about the importance of using credit responsibly.
As part of the Get Smart About Credit program, Wells Fargo set a goal of reaching at least 60,000 people through volunteering in classrooms and community centers across the country to teach credit lessons.
Tips for Credit Wellness
A strong credit profile can help consumers qualify for lower interest rates. Yet, many people wait until they need a loan to think about their credit situation. Wells Fargo offers these tips to responsibly manage their credit:
- Check your credit report annually. Make sure your credit report contains current and accurate information. Errors could negatively impact your credit score and even be a sign of possible identity theft. Request a free copy of your credit report at least once a year from www.AnnualCreditReport.com or call toll-free 1-877-322-8228.
- Pay your bills on time. Your payment history is one of the biggest factors in your credit score – including things that may surprise you like on-time payment of your rent and cell phone bill. Using free online tools, often available through your financial institution’s online banking, can help you develop a budget and create an automatic bill payment schedule.
- Keep debt at no more than 35 percent of your gross monthly income. Lenders look at the amount of debt a consumer has compared to their monthly income when making credit decisions.
- Understand how strong credit impacts your bottom line. Your credit score influences the interest rate you qualify for. The lower the interest rate, the less you’ll pay in interest over time. Many sites, including Wells Fargo, offer calculators that help consumers understand how interest rates impact their payment and the total cost of the loan.
- Establish and maintain healthy credit – even if you don’t need a loan. Lenders aren’t the only people who use credit scores to make decisions – many insurance companies, cell phone providers and landlords do, too.
Free Tools
Wells Fargo offers a variety of free tools to customers of all ages to help them take charge of their finances, including managing their credit responsibly. Helpful educational resources include:
- My Financial Guide, which features articles and videos about money management.
- Hands on Banking®, an interactive financial education program for all age groups
• Budgeting Toolkit, a goal-oriented approach to managing your finances.