Financial Education

KEYS TO FINANCIAL HEALTH
Understanding and Using Credit

A Self-Guided ‘Web Tour’ to Credit and Debt Management

Introduction:

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If it is true that knowledge is power, then the Internet is a resource with great abundance… especially when it comes to financial resources. However, there are some challenges associated with the almost overwhelming amount of Financial Education information that’s currently available on the Internet. First, the sheer volume of resources can make it difficult to know where to begin. Second, it can be hard to separate useful information from barely disguised sales pitches and advertisements for products.

This self-guided ‘tour’ of three Financial Education websites is designed to highlight some of the resources available in the areas of Credit and Debt Management. Although each site is packed with useful information, the ‘tour’ will point out selected, free information that can be a starting point for a journey towards ever greater Financial Education.

Websites:

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www.mymoney.gov

This site is the U.S. government's website dedicated to providing all Americans with basics in financial education. It provides links to many other government websites, such as the Federal Deposit Insurance Corporation, the Federal Trade Commission, the Small Business Administration, the U.S. Department of the Treasury, and the U.S. Securities and Exchange Commission. The first stop on the ‘tour’ is to access information regarding improving a credit report:

1. Go to www.mymoney.gov
2. Locate and click on the Credit link towards the left of the screen
3. There is a list of great resources in alphabetical order. Feel free to explore, but the following links are generally a good place to get started:
1. Avoiding Credit and Charge Card Fraud – Two (2) page PDF document with steps to make it more difficult for someone to steal your credit card numbers, and how to report losses and fraud.
2. Building a Better Credit Report – 24 page PDF document that details how to improve your credit report, how to deal with debt, how to spot credit-related scams, and more.
3. Choosing a Credit Card: The Deal is in the Disclosures – Six (6) page PDF document points out information to consider when selecting a credit card.

www.federalreserveeducation.org

Here you can find links to instructional materials and tools that can increase understanding of personal finances, economics and the Federal Reserve System. All of the Fed web sites, curriculum, newsletters, booklets and other resources are free. This stop on the ‘tour’ will showcase some helpful credit resources:

1. Go to www.federalreserveeducation.org
2. Locate and click on the Personal Financial Education tab at the top of the screen
3. You will notice a list of topics along the left of the screen
4. Locate and click on Loans & Credit
5. Again there will be a list of excellent resources. Be sure to focus on:
1. Free Annual Credit Report – Information on how to obtain a free credit report.
2. Your Credit Report – Five (5) page PDF document gives an overview of Credit Reports.
6. Locate and click on Consumer Protection from the list of topics along the left of the screen
7. Explore the following resources:
1. Frauds and Scams: Protect Yourself and Your Money – Five (5) page PDF document.
2. Phishing and Pharming: Helping Consumers Avoid Internet Fraud – Eight (8) page PDF document.

www.ftc.gov

The Federal Trade Commission is a federal agency created to protect America’s consumers. This site provides valuable information about protection from Scams, Fraud and Identity Theft. It also directs consumers to help themselves when it comes to credit repair and getting out of debt, and to avoid the risk of losing money via ineffective or even illegal schemes. The next stop on the ‘tour’ is to take a look at two of these resources:

1. Go to www.ftc.gov
2. Under Quick Finder near the top of the screen, locate and click on the Credit and Loans link
3. Locate and click on the In Debt? link
4. There is a list of Facts for Consumers. Feel free to explore it, but be sure to stop at these ‘points of interest’:
1. Credit Repair: How to Help Yourself – Eight (8) page PDF document detailing effective, legal and free methods to repair credit.
2. Knee Deep in Debt – Six (6) page PDF document listing steps to get out of debt.