Money Management

Solid credit is important. Read on to see how maintaining good credit just became easier. 

Your credit score is one of those things you may not pay attention to until you’re ready to take out a loan or sign up for a credit card. But it’s important to know what that number looks like.

Here’s something you may find surprising — your credit report generally will not contain your credit score. You’d think it would, but nope — that would be too simple. Instead, to find out your credit score, you generally need to log into a bank or credit card account.

Years back, it was common to pay for your credit score. But now, many major banks and credit card issuers will commonly give you access to that number for free.

But even though your credit score may not show up on your credit report, your credit report is still an important thing to read through every so often. And a recent change now makes that even easier.

Credit reports are now available weekly

Before the pandemic, you were entitled to a free copy of your credit report once a year from each reporting bureau — Experian, TransUnion, and Equifax. During the pandemic, there was, unfortunately, a lot of financial fraud. Criminals were quick to take advantage of victims on the receiving end of aid. And policymakers decided to make credit reports available to consumers for free every week to better keep tabs on their borrowing history.

But thankfully, policymakers have since decided to make that change a permanent one. So now, you can access a copy of your credit report for free every week should you so desire. That could, in turn, make it easier to keep tabs on your open accounts and see what your payment history looks like.

Regular access to your credit report could make it easier to spot financial fraud. That’s because your credit report will contain a list of your open loans and credit card accounts. If you spot one you don’t recognize, you’ll know to investigate and see if someone has opened a bogus account in your name.

Do you need to check your credit report every week?

The reality is that while the option to access your credit report every week is helpful and convenient, it’s probably not necessary to look at your credit report 52 times during the year. Even if you’re following up on an issue — say, an error you’re waiting to have wiped off of your report — you probably won’t need to check every seven days.

But it is a good idea to check your credit report once every three to four months to keep tabs on your open accounts, check on your payment history, and make sure there are no new accounts listed that don’t belong there (in other words, fraudulent ones). You may even decide to check your credit report once a month. And if you’re willing to put in the time, why not?

Even though your credit report doesn’t list your credit score, information on there could clue you in to changes in your score. So if, for example, you see that the balance on one of your credit cards has increased, that could result in a hit to your credit score. Similarly, if you see a late payment flagged on your credit report, you can bet that your score is going to reflect that negative activity.

All told, it’s important to keep tabs on your credit report as well as your actual credit score. And thankfully, these days, it’s fairly easy to do both.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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It’s smart to buy pet insurance. But read on to learn about some costly mistakes you’ll want to steer clear of. 

The North American Pet Health Insurance Association reports that the first U.S. pet insurance policy was issued in 1982 for Lassie, the collie of TV fame. As of the end of 2022, an estimated 4.8 million U.S. pets were insured.

You may be in a position where you’re looking at pet insurance for the first time in 2024. Maybe you only recently adopted a pet. Or maybe you’ve gone without pet insurance for quite some time but no longer want to take that risk.

When buying pet insurance for the first time, you might accidentally make a few mistakes. Aim to avoid these three pitfalls if you’re new to the world of pet insurance.

1. Forgetting about your deductible

The whole purpose of pet insurance is to have another party be responsible, financially speaking, for your pet’s emergency care. But remember, just as it’s common for human health insurers to impose an annual deductible on enrollees, so too is it common for pet insurance companies to do the same. That’s something to pay attention to in the course of looking for insurance and using your new policy once it’s in place.

At the very least, you should make sure to sock enough money away in savings to cover your pet insurance deductible, whether it’s $250, $500, or another amount. If your pet needs a $2,000 surgery and your policy has a $250 deductible, you’re on the hook for that $250 no matter what. So it’s important to have that money on hand.

2. Forgoing an emergency fund once you have your policy in place

You might assume that you can stop worrying about building an emergency fund for pet care once you have an insurance policy. But one thing you should know is that unlike human health insurance, where you commonly just pay a copay or deductible and the rest is billed to your insurer from the start, with pet insurance, you often have to cover the full cost of your pet’s care upfront.

From there, you generally submit a claim to get reimbursed (or the provider you see does it for you). But that could take weeks or longer. So it’s important to have money in the bank in case you have to front the money for a service your pet insurance company will ultimately cover.

3. Failing to shop around

The process of finding a good pet insurance policy can be time-consuming. But don’t let that stop you from doing your research.

Take the time to talk to different insurers and see what your coverage options entail. Some extra time could result in a lot of savings.

And remember, when it comes to buying pet insurance, you don’t just want to look at premium costs and deductibles. Rather, see what you’re getting for your money.

Different policies offer differing levels of coverage. It may be that a policy costing you $49 a month in premiums will only cover up to $6,000 a year in treatments for certain ailments, whereas a policy costing $59 a month will cover up to $9,000.

Getting pet insurance is important. If you’re gearing up to do it for the first time, keep these points in mind so you can plan well financially and put the right coverage in place for your furry companion.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Fraud is growing, and consumers need identity theft protection more than ever. Thankfully, it’s easy to get — and sometimes free. Here’s what you need to know. 

Like many Americans, I’ve received those dreaded notifications that my personal information has shown up on the dark web and that my passwords have been compromised. And this problem isn’t slowing down. The Federal Trade Commission (FTC) said fraud losses increased 30% in 2022, to reach $8.8 billion.

Recently, I got an email from Equifax letting me know that the credit limit on one of my credit cards had increased. I already knew about the increase, but it was nice to see that I was notified of a significant change in my credit that could have easily gone unnoticed.

However, identity theft protection goes far beyond credit change notifications, and some perks can be especially beneficial to your personal finances.

1. Subprime loan monitoring

One of the potentially lesser-known features of identity theft protection is the monitoring of subprime lending activity tied to your identity. For example, according to Equifax, some identity theft services monitor financial activity outside the traditional banking system, including payday loans, subprime lending, and rent-to-own services.

If your identity is used to apply for a loan or credit through any of these avenues, you’ll be notified to confirm it was you or stop it if it’s not. If you’re not a regular user of some of these financial services, receiving a notification about them can be especially helpful.

2. Fraud protection for children

Surprisingly, identity theft and fraud can happen to anyone, even children. Equifax says $688 million in child identity fraud was committed in 2022 and that it’s more challenging to fix fraud involving a child’s identity — taking 78% longer to resolve than for adults.

The opportunity for thieves is huge. Criminals can open lines of credit with a child’s identity, and because they’re monitored less frequently, the accounts can go undetected for years, per Equifax.

3. Tax return fraud assistance

The IRS says there was $5.7 billion in tax fraud in 2022 — and, unfortunately, it’s relatively easy for criminals to impersonate you. All they need is your name, birthdate, and Social Security number. Once the fraud has been committed, it can take months or even years to get your tax refund, according to H&R Block.

Thankfully, some identity theft protection services can help you restore your tax identity with the IRS and even work to get your tax refund back to you.

How to monitor your credit for free

Some companies offer free identity theft protection in the wake of security breaches. I’ve received this service at least twice, and while it didn’t feel good to know my personal information was stolen, it was a relief to have free access to ongoing monitoring.

The good news is that it’s easier than ever to monitor your credit. For example, you can get free credit reports through AnnualCreditReport.com. The government recently indefinitely extended free weekly credit reports for Americans, providing consumers with an easy and free way to monitor their credit.

To stay on top of any potential fraud, Experian recommends checking your credit report at least once per year. Of course, if you’re concerned about a breach you’ve been involved in, you can use your free credit report access to check it anytime.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Using a BNPL service for purchases doesn’t have to be dangerous to your finances. Read on to see what perks it might come with. 

If you want to make a purchase, do you turn to cash, a check, or a credit card? If you’re making that purchase today, you have another option: buy now, pay later (also known as BNPL).

This payment method has been around for a long time, but in its current form, some of the biggest names in the business (such as Affirm and Afterpay) came into existence just about a decade ago. Despite the ubiquity of BNPL, it’s actually fallen in popularity among Americans as of late. In fact, 35% of those surveyed by The Ascent about BNPL services reported using it to make a purchase — down from 50% in 2022 and 56% in 2021.

Unfortunately, some people also reported getting into trouble with it — 26% reported missing a payment. BNPL services can make it a little bit too easy to spend beyond your means, since you’re only paying for a portion of your purchases initially, and then making payments on the rest of your tab. But using BNPL carefully can offer you access to a few sweet perks. Here’s how.

1. 0% financing — with no credit check

In most instances, if you want to finance a purchase with 0% APR (be it in the form of a credit card or a traditional loan), the lender would request your personal information to complete a credit check. And it would be a hard credit check, which impacts your credit score and can cause it to fall by a few points.

While your credit score will recover, the nice thing about BNPL plans is that some companies that offer the service don’t require a credit check at all. And if you can make your payments on time and in full (this is absolutely crucial to do), you’ll effectively get 0% financing on a purchase you can’t afford to pay for all at once.

2. Straightforward repayment terms

Credit cards can be useful financial tools, but one quality that makes them a little confusing is how the payments work. It’s best to pay off your card balance in full every month to avoid paying interest and going into debt. But when you receive your monthly card statement, you’ll see that the only payment you are required to make is a minimum amount based on your balance. Of course, only paying the minimum benefits your card issuer because it’ll make more money off of you thanks to interest charges.

BNPL payments work differently. When you buy something using this kind of loan, your total cost is typically split into a few equal payments. You owe the first one at checkout, then you make the others on a set regular basis (such as every two weeks) until the purchase is paid off. Taking advantage of easy repayment terms can be a definite perk of BNPL.

3. Convenient access

I’ve been surprised lately to see how many retailers and other entities are offering BNPL payment options — access to them used to be limited to some online merchants. But big-name retailers with both online and physical presence are partnering with BNPL companies to allow consumers to make purchases in store using this payment method, including Pottery Barn, Target, and Macy’s.

I love online shopping and will nearly always opt to make a purchase via a company’s website rather than visiting its physical store. But for people who do more of their buying in person, BNPL offers convenient access to a different way to finance purchases. And you can even pay for travel using BNPL now — not that I recommend it.

If you have a good handle on your finances and can be sure that you’ll be able to make your BNPL payments, using this payment method comes with some decent perks. Just be sure you can keep track of what you owe and fully repay it to get the most benefit.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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