Think you have great credit? Even if you do everything right – pay bills on time, avoid applying for loans too frequently, keep your balances far below their limits – you could find yourself with less than stellar credit at no fault of your own. That’s because sometimes (as frequently as 1 in every 20 consumers) a blemish can pop up on your credit report that is completely false, but can still negatively affect your credit score. This can keep you from getting the best interest rate or even qualifying for a loan altogether.

To make sure you don’t have any errors on your credit, you can obtain a free credit report once a year from annualcreditreport.com. Remember, this is the only website that allows you to get your credit reports completely free; other sites, like FreeCreditReport.com will have strings attached that you may not want to deal with. If you aren’t sure what you’d even be looking for, you can also stop by any FCU branch and we can walk you through a free credit report analysis where you can obtain a free copy of your report and score. We can help you know what to look for and what the details of your report mean.

The main type of issues that could arise are logistical, like wrong addresses or misspelled names, or actual errors, like loans you never applied for or on-time payments listed as late. If you did identify an error, you need to dispute the problem. All three credit bureaus now accept disputes online, though, in some cases, it may be better to send the dispute by mail. This is because you can attach documentation, like a highlighted copy of the report and a thorough description of the error, to be reviewed.

While it may take some time and effort, cleaning up your credit report is definitely worth the hassle. Make sure you’re regularly checking your reports to keep yourself in the best financial shape possible!

Have you ever had to dispute a credit report error? Tell us about it in the comments below! 

Enjoyed this article? Check out our other DIY Finance Post: "Financial Empowerment: Identify Your Worst-Case Scenario."

Long gone are the days where we have to develop a budget with calculators, pencils and ledger books. While there’s nothing wrong with doing it the old-fashioned way, some may be discouraged from developing a budget if they find the initial process to be too hard ("If just setting it up is this complicated, what happens when I have to manage spending?"). So, to help you develop an efficient budget without breaking too many pencils, we’ve gathered some great online budgeting tools that can get you started on the path to financial clarity.

Mint – If you haven’t yet heard about it, Mint.com is a tool for organizing your finances in one place. When you sign up for Mint, you create a screen name and password and connect all your accounts to one location, so they can be important and maintained in conjunction. What’s so handy about this tool is that it automatically downloads and categorizes your expenses so you can see where you’re spending and what your money is going to. Plus, you can use it on the go as there are mobile apps for both Apple and Android products.

Buxfer – Another great tool to manage everything in one place is Buxfer, another online money management tool. Some of the highlights of this tool include helping you take control of finances by planning for large expenses (like a vacation, a gadget or even a wedding), and helping you foresee your projected statistics and meet future goals. It’s also really handy if you pay for certain things in a group, like rent or groceries, as it can generate settlement plans and organize expense reports amongst multiple people.

Budget Simple – If you’re looking for something a little less complicated, BudgetSimple might be what you’re looking for. This easy to use online application allows you to create a budget you can stick to, keep tabs on your spending, balance your income and expenses and even run useful reports that can help show you where your money is going and how you can re-evaluate expenditures.

Last, but certainly not least, if you’re already using FCU’s Online Banking system, you have access to a convenient online budgeting tool already! Under the “Spending Tab,” you can find a budget tool that allows you to manually delegate amounts of your income to specific needs like groceries or gifts. The balance bars dictating how much you’ve actually spent on that category will turn red if you spend more than what you budgeted for that month. You can choose from ready-made categories or make your own!

What’s your favorite online tool for maintaining a budget?  Let us know in the comments below?

If you enjoyed this article, you should also read “Financial Empowerment: Identify Your Worst-Case Scenario.”