‘Tis the season for ghosts and goblins, but for most people it’s not creatures that go bump in the night that keep us awake…it’s financial concerns that we fear. What demons lurk in the shadows of your credit score? How do the skeletons from your past decisions affect your financial future?

The thought of our credit ghosts coming back to haunt us are the stuff nightmares are made of. Learn from these startling facts and don’t let your credit situation chill you to the bone…

• If you have $10 in your pocket and no debt, you are wealthier than 25% of Americans.

• A typical credit card purchase ends up costing 112 percent more than if cash were used.

• Outstanding student loan balances have reached more than $1.2 trillion, which is more than any other type of debt, except a mortgage.

• Identity theft affects nearly 15 million Americans each year, the total loss ends up being approximately $3,500 per incident. Be sure to check your credit reports to catch suspicious activity as soon as possible.

• Nine of 10 Americans claim credit card debt has never been a source of worry, but 47 percent would refuse to tell a friend how much they owe.

• The average American pays $600,000 in interest during his/her lifetime.

• 43% of all American families spend more than they earn each year.

• More than half of U.S. adults had never reviewed their credit reports, according to a 2014 survey by Consumer Reports.

• According to the Consumer Financial Protection Bureau, 40% of disputes filed with credit reporting companies are related to errors made by debt collectors.

• Your credit score doesn’t only affect loans. It can affect insurance premiums and even your likelihood of being hired for a job.

• A “Consumer Reports” survey found that more than half of consumers who attempted to fix problems with their reports ran into significant challenges. Credit bureaus cannot guarantee that all information on your report is accurate, so it’s critical to be proactive about protecting your own credit.

Want to find out how you can improve your credit score? Give us a call today!