(ARA) - If your New Year's resolution is to get financially fit in 2008, you're not alone. Financial goals like saving more money and reducing debt consistently make the list of most Americans' top New Year's resolutions.
And a recent Experian-Gallup survey may indicate that at least some of us are sticking to our commitment to improve our fiscal health. The survey of more than 1,000 adults showed that 53 percent of those polled feel they are financially better off now than they were in 2006. What's more, an optimistic 69 percent felt they will be even better off in 2008.
"This poll shows how committed the majority of Americans are to living financially responsible lives," says Maxine Sweet, Experian's vice president of public education. "It's quite telling that nearly 50 percent of respondents said they plan to reduce their overall level of debt in 2008 and nearly one- third will check their credit score."
What do those who will successfully improve their finances in 2008 have in common? They will rely on a combination of tried-and-true financial practices and leading-edge technologies, Sweet says.
* Pay your bills on time. It may seem obvious that this is important, but delinquent payments are among the most common negative marks on credit reports.
* Pay down balances on credit cards and other revolving credit, and keep them low. High outstanding debt could affect your credit score.
* Apply for and open new credit accounts only as needed; don't open accounts just to have a better credit mix.
* Don't close unused cards thinking it will automatically raise your credit score. Owing the same amount but with fewer open accounts could potentially lower your credit score.
* Be aware of the financial health of the entire family. Theft of children's identities is on the rise - nearly 11,000 identity theft complaints by those under the age of 18 were reported in 2006, up from 6,512 in 2003, according to the Federal Trade Commission. Identity thieves use children's names and Social Security numbers to open lines of credit. Because children rarely have a credit history of their own, the fraud can go undiscovered for years until the child grows up and tries to obtain credit.
Consider credit monitoring products that alert you to any credit activity in your name. While these products routinely monitor the credit activity of adults, Experian's FamilySecure.com goes a step further and monitors children's credit reports, alerting parents or guardians via e-mail if any activity is found. FamilySecure.com also provides members unlimited access to their Experian credit report, credit score, credit monitoring, fraud alerts, and information on what to do if identity theft occurs.
To learn more, visit www.FamilySecure.com.
Courtesy of ARAcontent 