Smartphones are great for navigating around town, finding new restaurants, communicating with your friends, and solving various other little problems of everyday life, but did you know that your smartphone or tablet PC can also help you monitor and improve your credit score?
Various financial services companies have developed convenient apps that make it easier than ever before to stay on top of your credit.
Formerly known as "PageOnce," Check is a mobile app that helps relieve your worries about personal finances by helping you manage your bills and money. Check keeps track of all of your bank accounts and credit cards, all in one place – helping you monitor your money and avoid late fees and overdraft charges. Check also makes it easy to pay bills online – on the spot, or by scheduling payments in advance. Check also offers three layers of bank-level security, giving you confidence to manage your money on the go.
WHY THIS APP IS IMPORTANT: Check helps you maintain a good credit rating by helping ensure that your bills get paid on time – because on time bill payments are a leading factor in a strong credit score.
Equifax Mobile App
The Equifax mobile credit app lets you check your credit score anywhere, anytime. The Equifax mobile app lets you see average Equifax credit scores in your area, see the frequency of identity fraud in your area, and see credit rankings that show how your credit compares to other people in your area. If you sign up for an eligible Equifax subscription, you can check your Equifax Credit Score plus receive alerts to any important changes in your credit file, all from within the mobile app, wherever you go.
Why this app is important: Many people are curious or confused about their credit score. Getting the Equifax mobile app gives you an easy way to check your credit score and see a high-level summary of your latest credit report at any time. This app also helps protect you from identity theft, as it notifies you of account balance changes, dormant accounts becoming active, and other activity that might be perpetrated by identity thieves. The Equifax app helps you ensure that anything happening with your credit is being done by you, and not by impostors claiming your identity.
The DebtTracker Pro mobile app (available on the Apple App Store and Google Play marketplace) helps you keep track of various debts – credit cards, lines of credit, etc. – and lets you enter your loan information so you can figure out which debts to pay off first or fastest. This app also shows you your credit utilization rate for each line of credit – for example, if you have a $10,000 credit line on a credit card, and owe $1,500 that means that your utilization rate is 15 percent.
Why this app is important: Keeping track of your credit utilization rate is very helpful in improving your credit, because your utilization rate is one of the biggest factors in determining your credit score. Keep your utilization rate low on each credit card, and your credit score will improve.
Lemon Wallet is a free mobile app that lets you store and save backup copies of your credit cards online via your smartphone, so in case your wallet is ever lost or stolen, you can immediately track down your credit card accounts, call your credit card issuers, and work to prevent identity theft and cancel your accounts easily.
Why this app is important: Lost or stolen wallets are a reality of life – and a leading cause of identity theft. The best thing you can do if your wallet gets lost or stolen is to immediately cancel your credit card accounts so that thieves can't use your cards to run up big debts in your name.
Smartphones and mobile devices are valuable tools, not just because of how they make life more convenient, but in the way that they can help us protect our credit and avoid the hazards of identity theft. Check out some of these great mobile apps and see how they can help improve your financial future.