Credit expert encourages consumers to ‘know your numbers’ to take control of finances

BIRMINGHAM, Ala. (WBRC) - In a time when many are looking to gain control of their finances, Rod Griffin, Senior Director of Consumer Education and Advocacy for Experian, has a simple message: “Know your numbers.”

“When you know you’re in a good place, that’s a really good feeling and it’s really empowering,” Griffin said.

He offered several tips to help people achieve this feeling of empowerment:

1. Check your credit report for free: “First, check your credit report for FREE using annualcreditreport.com,” Griffin advised. “That will tell you exactly where your debts are and what accounts you have, and give you insight into what you need to work on.”

2. Analyze your spending: “Use tools that evaluate your spending and can tell you where to cut costs,” Griffin recommended. “For example, Experian has a new savings scan tool that’s free. Go to experian.com/savings and provide us with some information, and we can help you identify opportunities for things like subscriptions or enrollments and other expenses you might have where you might be able to save some money.”

3. Improve your credit score: “Work on improving your credit score,” Griffin said. “You can do this by paying bills on time and using services like Experian Boost, which adds your payment history for everyday bills to your Experian credit report like cellphone, utility, and possibly rent payments.”

Griffin said some consumers question why they should use Experian Boost because it would only appear on their Experian credit report.

“People often say well then why should I do it? Well, what it will do is help you qualify potentially for other new accounts that are more traditional that would be reported. So it’s a way to build credit for the first time. It’s a way to overcome those barriers to access to financial tools and resources,” he explained.

Griffin emphasized the long-term benefits of a good credit score: “Which will help you save money in the long term. So the better your credit scores are, the less interest you’ll pay and the better kinds of agreements you’ll get,” he said.

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