Get smart about credit

Staci

Who knew? October has many more "official days" than just Columbus Day, Bosses Day, and Halloween. For instance:

• October 2 is Name Your Car Day
• October 9 is Moldy Cheese Day
• October 12 is Moment of Frustration Day
• October 28 is Make a Difference Day 
• October 30 is National Candy Corn Day (oooh!)

According to theAmerican Bankers Association Education Foundation , today—October 19—is Get Smart about Credit Day . It's an opportunity for bankers like me to raise awareness among teens and young adults about using credit wisely.

So in the spirit of this day, I offer the following recommendation to help you get smart about credit: Request a FREE copy of your credit report, which is a detailed list of your credit history, at www.annualcreditreport.com . This central site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting agencies (Equifax , Experian , and TransUnion ). Actually, you could, in effect, get a free credit report every four months by requesting them from each of the three credit agencies one at a time (say, Equifax in January, Experian in May, and TransUnion in September).

It's a good idea to review your credit report at least once a year to check for errors or fraud, and also before making a big purchase—like a car or a private, credit-based student loan. And when you use the Annual Credit Report Request Service, it won't cost you anything.

Not included in your credit report is your credit score, calculated by Fair Isaac Corporation (FICO)  to obtain a fast, objective measure of your credit risk. The higher the score, the lower the risk. Unfortch, your credit score is not free, but you can obtain it for a small fee from the three main credit reporting agencies, Fair Isaac, or the Annual Credit Report Request Service.

Intrigued? Want more details about credit reports and credit scores? Check out Wells Fargo's financial literacy program, Handson Banking®. There's tons of information in the "Young Adults" section to help you get even smarter about credit. Or, feel free to ask your questions here.

P.S.: As you might've guessed, my National Candy Corn Day celebration plans are in full swing!