Equifax offers tips to improve Finances in 2013

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(Best Syndication News) - With New Years resolutions just around the corner, Equifax Inc. (NYSE:EFX) is offering individuals several ways to improve their finances in 2013. These tips could help people gain control over their spending and improve their credit score over the next year.

Paying off debt is one of the most important ways to improve finances, explained the credit reporting agency. To understand your financial situation, you should know how much debt you owe. Then you can make a plan to reduce the debt load over time. If you do not know where to start, seeking counsel from a certified financial planner or debt management counselor can help. The financial planner can help set up a plan of action to tackle the debt.

Equifax reminds us that each year individual credit reports are free from each of the three national credit-reporting agencies. To get the free credit report, visit www.annualcreditreport.com. It is important to know what your credit score is and if there is any incorrect information on your report.

Budgeting is an important tool; stick to your financial plan and goals. By creating a budget, you can trim down impulse spending. A budget can help you set aside funds for financial goals. These goals could involve paying off debt, saving for retirement, or even going on a vacation.

If you are thinking about buying a large ticket item, take time to think about the positives and negatives for buying it. Sometimes just thinking this through will save you from expensive and costly mistakes.

Pay your bills on time. If you do not pay your bills on time, you will be paying more in late fees. Additionally, not paying on time will lower your credit score.

You might be able to improve your credit score if you pay more than the minimum monthly payment on credit card bills.

Opening more credit card accounts could reduce your credit score. Equifax suggests thinking twice before opening a store credit card account to get extra discounts.

By: Dave Reddy

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