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Op-Ed: Building Credit in an Environment of Rising Interest Rates

Shot of a couple looking at paperwork while using a laptop in their living room

As growing financial pressures and rising interest rates continue to make headlines, consumers are left wondering how they can protect their financial well-being. Establishing and maintaining good credit can help - but many Americans are new to this process and unsure of where to begin.

In a recent op-ed, TransUnion Senior Vice President Lindsey Downing shared some of the key steps consumers can take to build credit, even in a challenging economic environment. That includes everything from something as simple as on-time payments and monitoring your credit progress, to keeping balances below 30% of your approved credit limit. Consumers who rent may be able to work with their landlords to report on-time rent payments to help their credit scores.

With more Americans thinking about building credit and establishing good financial footing, federal legislators are taking a fresh look at how they can help. Bipartisan efforts are underway with the relaunch of the “Financial Literacy and Wealth Creation Caucus,” which seeks to equip Americans with the financial literacy skills to set-up long-lasting fiscal stability.

To learn more, read here at Inside Sources.

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