Boosting Financial Literacy 4/12/2021

Hill Harper talks about boosting your financial literacy nad your score with Experian Boost.

Long cooler with milder seasonal c1 3 lisa: as we recently passed the one-year mark of covid-19, experian conducted a national consumer survey to gauge the mark of covid-19, experian conducted a national consumer survey to gauge the financial impact, and findings revealed that americans feel less worried about personal finances today with 55% feeling concerned versus 69% who did in 2020.

But many consumers are still struggling financially as society continues on the road to recovery.

Tv star and financial literacy activist hill harper joins us today with details on his partnership with experian to create more awareness about how to achieve a good credit score and what to do today to get back on track with your finances.

Welcome to the show, hill.

Hill harper: hey, lisa.

Thank you so much.

Great to be on and great to be talking to folks in lexington.

Lisa: well, we appreciate you being with us and you have something very important to talk with us about.

Everyone struggled last year, as you know.

Why is financial literacy so important to you?

Why is this something that you really want to work with and support?

Hill harper: yeah.

About five years ago, i wrote a book called the wealth cure, which is all about curing the wealth gap.

It was clear to me that building financial literacy and financial capacity, particularlommuus to actually solve many of the solve for years and years is month is financial literacy mon is key.

Now, it can't just stoo sth action too,yu don't have the informationlot of the informate and start acting on it.

Experi whict fore.

Siboost program, they've increasedme, o people's credit scores, an averagere that are free, that don't cost them anf you don't know about it.

Liumers feel more finy staa great point.

So experian did a that people are feeling less woed about their finances now than a year ago.

Obviously, a year ago, there was so much uncertainty, and i think people worry less when they have more information.

That's what's so critical.

People are at home.

They're checking their credit scores more often, which i think is great, because it adds an intentionality.

They're decreasing their spending, and they're decreasing their debt.

Those have a positive impact on your credit score and also a positive impact on the way you feel about your finances.

The message around taking control of your finances and that folks can do it is very important, and there are a number of things that people can do to improve their financial condition but also improve their credit score at the same time that don't cost them anything.

Lisa: and you bring up a good point.

The average credit score increased last year from 2019.

What are some ways that consumers can boost their score right now?

Hill harper: okay.

So one thing is you mentioned is boosting your score through the through experian boost, so going to experian.com/boost and doing it.

It happens instantaneously.

You'll see it right then if your score went up because you're adding positive payment history from either your credit cards or your bank account where you're paying, maybe it's your utility bill, or maybe it's hulu or netflix or whatever you got, you're paying those bills through this instrument, your bank account or credit card, and you're adding that positive payment history.

Hopefully, it helps boost your score.

So that's one thing you can do.

Another thing, this is about life, is having an emergency savings fund that literally you take your necessities, food, your utility payments, electric, gas, and your housing costs your shelter, add that up, and multiply that by at least six months, six, and start putting money into an emergency fund.

The other thing you can do is start paying down your highest interest credit cards first.

Many people don't even know which of the credit cards they hold have the highest interest, how much that interest is.

Start paying down the highest interest loans first and tackle those, not all at once, but incrementally, so you have a plan and a strategy.

All of those things will help you, one, just your financial foundation, but also help your credit score.

Lisa: and where can we go for more information about managing credit?

Hill harper: sure.

Go to experian.com.

There's a great deal of information.

Everybody's situation is different, so there's not a one size fit, all answer for everybody.

So go into experian.com where you get a ton of information.

They also have a great twitter feed with a lot of good tips that i recommended and just think about.

I mean, one little tip that i'll give you is going under 30% for your credit utilization of let's say you, whatever your credit limit is, staying under 30% every month will help your credit score.

That's one just behavior change that doesn't cost you anything that will help your credit score.

So you'll learn things like that on experian.com.

So folks should go there and check it out and also do experian boost.

Lisa: that is a great tip.

Thank you so much for being with us today, hill.

We really appreciate it.

Hill