Consumers focus on financial health

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About six months after the onset of the coronavirus pandemic, young American consumers are paying more attention than ever to their financial well-being.

According to the latest Amex Trendex, a monthly trend report from American Express, more than half (64%) of millennials are looking for ways to improve their credit rating and more than a quarter (30%) say they are more likely to check their credit rating since the start of the pandemic. The online survey conducted by Morning Consult interviewed 2,000 adult consumers (18 and over) in the United States between August 18 and 20, 2020. Respondents had a family income of at least $ 70,000.

“The survey shows that now more than ever, consumers are focusing on their overall financial health,” said Kunal Madhok, vice president of US consumer loans at American Express. CNBC Select. “This is exactly why we recently launched To score goals, to provide consumers with a personalized playbook to help them move closer to their financial goals. “

Credit scores range from 300 (very bad) to 850 (excellent), and although they may appear to be an arbitrary number, their 3-digit composition has a lot to do with qualifying for the best credit cards and the lowest interest rates on loans or mortgages.

If you are concerned about a bad credit score, the first step is to find out what makes it weak. Free tools like Score Goals, which are part of Amex My credit guide, allow users to set their credit score as a goal. It then provides personalized recommendations, such as paying off a specific amount of debt, to help them reach their target score over a suggested time period: six, 12, 18, or 24 months. The Amex functionality is available to everyone, not just Amex cardholders.

Learn more: American Express Launches New Score Goals Tool To Help Users Improve Their Credit Score, For Free

How to Instantly Increase Your Credit Score

While paying your credit card bills on time and reducing your balances are two ways to increase your credit score, you can probably see a quick result by also using Experience boost. The free feature provided by Experian, one of the three major credit bureaus, allows you to get credit for utilities on time (gas, electricity, water), telecommunications (mobile phone) and Netflix invoices that you are already paying for. According to website, Experian Boost users see an average increase of at least 10 points in their credit score.

Learn more: Here’s how Experian Boost can help you boost your credit score for free

As you work to improve your credit score, make a habit of following it as well. Credit monitoring can help you do this by notifying you of changes to your credit reports in real time. Some improved services are accompanied by a Cost, but they offer the most extensive security features.

For example, IdentityForce® monitors your information on a variety of sites and services, including the dark web, court records, and even social media. It checks to see if your accounts on sites like Facebook, Instagram, and Twitter have inappropriate activity that may be perceived as profane or discriminatory.

IdentityForce® UltraSecure and UltraSecure + Credit

On the secure Identity Force site

  • Cost

    For a limited time, get 3 months free on all annual plans – it’s $ 17.99 / month or $ 160.99 / year for UltraSecure + Credit and $ 9.99 / month or $ 88.99 / year for UltraSecure – offer ends 06/18/2021

  • Supervised credit bureaus

    Experian, Equifax and TransUnion

  • Credit rating model used

  • Dark web analysis

  • Identity assurance

Conditions apply. To learn more about IdentityForce®, visit their website or call 855-979-1118.

For a CNBC Select tops the table free service, consult Capital One’s CreditWise®.

CreditWise is open to anyone, even if you are not a Capital One customer, and has its own credit score simulation tool. And while it might not offer as in-depth monitoring as IdentityForce, CreditWise sets itself apart by offering dark web analysis and social security number tracking (unlike other free services).

Capital One’s CreditWise®

The information on CreditWise has been independently collected by CNBC and has not been reviewed or provided by the company prior to posting.

  • Cost

  • Supervised credit bureaus

  • Credit rating model used

  • Dark web analysis

  • Identity assurance

At the end of the line

Recent insights from Amex on how millennials are actively looking for ways to improve their overall financial health highlights how consumer financial behaviors continue to evolve, in the right direction.

As the pandemic continues, consider tapping into the free financial resources that are available to you. The Amex Score Goals and Experian Boost are just two that can help you on your way to a higher credit score.

To learn more about IdentityForce®, visit their website or call 855-979-1118.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

About Sally Dominguez

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