Tis the season for strengthening the financial health of your employees in 2023 to drive productivity and wellness, recruiting and retention.
TrustPlus Personal Finance Coach Dametria Douglas
Tis the season for gathering with family and friends…and for strengthening the financial health of your employees in 2023 to drive productivity and wellness, recruiting and retention.
Good credit can save your employees hundreds of thousands of dollars on everything from mortgages, credit cards, insurance, mobile phones, and more. Help make credit work for them and it will set them and your business up for success.
Personal Finance Coach Dametria Douglas encourages clients to regularly monitor their credit reports, especially if they’re trying to improve their credit score, and says that early January is a good time to think about financial goals for the New Year.
We spoke with Dametria about what goes into a credit score, why it’s important, and how she helps clients establish, strengthen, and improve credit.
What’s a credit report and why does it matter?
When I first meet with a new client I look at their credit report to see what their debt looks like, their utilization on credit cards, late payments, etc. Your credit report lists out the different types of credit you have, like a credit card, a car loan or personal loan, mortgage, what you owe on them and what your payment history looks like.
We start with the credit report because it paints a picture of how you utilize credit and influences a lender’s willingness to lend you money, and how much they’re going to charge you to lend you the money.
The flip side of bad credit is no credit. If you don’t have a credit history, you have the same liability as someone with negative things on their report because a lender doesn’t know anything about your money habits.
So, even if you don’t like using credit, you should still establish credit. You’ll be giving yourself more and better financing options down the line for major purchases like a house or a car.
What goes into a credit report?