We had a wonderful opportunity to talk with Liz Weston (@lizweston) about saving for retirement, debt, managing credit, and much more. Check out the full-interview: I know you went to the FinCon blogger conference last year, how was that? Liz Weston: Yeah, that was really a great event. There were a lot of opportunities for socializing and networking. It was pretty cool. I met Phil Taylor, who is the organizer, several years earlier. He was a participant in a savings contest that I co-hosted with FNBO bank, and really liked him. I thought it was going to be a small event, and it wasn't at all. They had some great speakers and great information. It was really fun. It sounds like a great event. Liz Weston: Yeah, and it's really a chance for a lot of these bloggers who aren't professional journalists to brush up on their skills and meet some of the companies that they might work with. I found a lot of them were reluctant to call P.R. people and make contacts because they weren't sure their calls were going to get returned. It’s nice for them to meet people at the various companies they can reach out to. You've been writing about money and personal finance since the early 1990s. Has any of your financial advice changed over the years? Liz Weston: Well, we kind of made a joke when I first started this. My editor at The Orange County Register used to always say there are 14 personal finance stories. And we just keep adding new anecdotes and tweaking the advice. Well — not even tweaking the advice — just sort of freshening them up with new anecdotes. I think the problems that people face don't change a lot. Throughout the 1990s and into the 2000s, I think a couple of the big differences were that credit standards got a lot looser. People who sort of counted on lenders to tell them how much they could afford really got themselves into trouble. Another big trend that's been going on is shrinking incomes. We hit a peak in median income around 1999. People are coping with smaller incomes or a less affluent lifestyle than they expected. I was watching your personal finance seminar on YouTube, and you showed some graphs about how incomes are shrinking. Liz Weston: Yeah, I mean it's sort of been a trend more or less since the 1970s, and household incomes didn't lose ground because a lot of women went back to work. But if you even mentioned the fact that the middle class was getting squeezed, it was like a political statement, and it's not. This is just what's happening, and I think it took a while for some of us to figure it out. It's not just people buying too many lattes. They have more significant, more real, and harder-to-fix issues than just overspending. In your book, The 10 Commandments of Money, you have a chapter titled "Saving for Retirement Must Come First" and emphasize the importance of saving for retirement above everything else. Why is that so important? Even before paying off a mortgage? Liz Weston: There is a lot of advice on the web about "Paying off your debt," and that message misses a couple of things: (1) how very expensive retirement is going to be. You're going to have to replace your income (or at least a chunk of it) for a decade, two decades, or even three decades. And that's not something you can do overnight. And (2) people don't understand the power of compounding, which is when you put little bits of money aside over time (and you don't see much growth), and then, all of a sudden, you start to see real growth because your returns earn returns. The problem with putting it off is that you might not get to that sweet spot, where you're really making some money on the money you put aside. Roger Ibbotson, who is the founder of Ibbotson Associates, does a lot of the market research. He did a deep dive into this, and he looked at what people really need to save to have anything approaching a comfortable lifestyle in retirement. Every way he worked the numbers, if you hadn't started by the time you were at least 35, you had a really tough time catching up. He didn't want to say impossible because that's very discouraging, but it's really, really hard to catch up. People think, "Oh, I'll take care of my debt first and then I'll catch up later." Well, life doesn't work like that. As you get into your thirties and forties, your expenses tend to go up, and if you haven't made room for retirement saving, you're unlikely to be able to do it then. And the other thing is if you start early, you have so many more options later in life. You can take time off if you want to, you can retire early if you want to; you have all these choices that you don't have if you put it off. Don't put off retirement saving. No matter how important you think those other goals are, the most important goal has to be saving for retirement. You can do the other things, as well, but don't skimp on your retirement savings. I think that’s a really important message. In your personal finance seminar, you mentioned that you started saving for your retirement in your mid-twenties. If you could go back in time and give yourself advice about saving for retirement, what would you say? Liz Weston: Well, I got a good start through my twenties. I think I was saving about 20 to 22 percent of my income, but I really didn't understand how 401(k)s worked. I would put even more into it now. When I was starting, we had the big crash of '87. We bounced back from it fairly quick, but I thought it was something my company had done to me (when my 401(k) dropped). I thought that my company had turned on me somehow. That's how little I knew about investing. Fortunately, I didn't sell everything or cash out. I knew enough not to do that, but I'm glad I got a start in my twenties. If I could have gotten started even earlier with retirement savings, that would have been even better. I'm glad you mentioned 401(k) plans. In your book, Easy Money, you talk about the keys for investing for retirement. When someone asks you, "Liz, I'm in my mid-thirties and I want to save for my retirement, what type of account should I open?" Liz Weston: Well, the first thing is if you have a 401(k), 403(b), any kind of workplace retirement plan, take advantage of it. There are some plans that are truly awful but they're actually fairly rare. Most plans are pretty good. Especially if you work for a big employer, you tend to have a lot of options. What's interesting is that with the big employers, the investment options tend to be cheaper than anything you can buy retail, or than most things you can buy retail. So, the basic advice is if you have a workplace retirement plan, contribute to that. If you get a match, contribute enough to get the full match. Then, once you have a full-company match, look into a Roth IRA. The reason I say that is that the 401(k) money is going to be taxable in retirement, but the Roth IRA money is not. It's nice to have two different buckets to be able to pull from. It's nice to have options when you're in retirement. So, those are the two ways to get started. If people are unsure about what to invest in, most plans these days have some kind of target date maturity fund, or lifestyle fund that basically does the heavy lifting for you. It might not be where you want to keep your money forever, but at least it gets you into the market. It gets you started, and then you can kind of figure out where to go from there. This is great advice. Liz Weston: Well, it's the advice that people would get if they went to a comprehensive, fee-only financial planner (CFP). A certified financial planner — and the comprehensive financial planners — look at your whole situation. People have mortgages to pay, they have debt to pay off, they have goals to save for, but the CFPs know how important it is to get that retirement savings going and to keep it up. That's the other thing: don't stop and don't cash out. You're going to need every penny of that money when you get to retirement. Where do you recommend someone go to find a qualified CFP? Liz Weston: I have been talking to and working with NAPFA planners. That's the National Association of Personal Financial Advisors. I've been doing this almost 20 years, and I've never met a lemon in that group. They're fee-only. They tend to have very high ethical education and experience requirements. The problem with NAPFA is that a lot of its people are so good that they limit themselves to high net worth people only. They might want you to have $250,000.00 to invest with them, and that's not an approach everybody can take or wants to take. So, if you can't afford the NAPFA approach, the other option is the Garrett Planning Network. It's a network of fee-only planners who typically charge by the hour, so it's kind of a dentist or doctor model; you sort of pay as you go for the advice that you need. Not everybody needs a comprehensive personal financial advisor or financial planner, but I'd say everyone needs it when they're approaching retirement. That's the time when you're making a lot of decisions that are really critical, and you really want a second opinion and another set of eyes on your plan. But I think anybody can benefit from a financial planner. I'm not discouraging anyone, it's just that it does cost money. So, if you're just scraping by, it's something to put on the list for down the road. Now, let's switch gears and talk about debt. In Deal With Your Debt, you have a chapter where you write that debt isn't the enemy – which is shocking. What do you mean by that? Liz Weston: The new edition of “Deal with Your Debt” just came out — the first version was written in 2004. So much has changed in the debt and credit world. However, that piece of advice on debt has not. I bring it up because it was a shock to me. The first time I was doing a money makeover, the financial planner I was working with told someone to stop focusing on paying off his student loans quickly and work on other things. I had been raised in a household where debt was a four-letter word, and I just couldn't imagine the concept of having debt and not wanting to get rid of it as soon as possible. Then, I went through the CFP program myself, and I learned how some debts actually can help you get ahead. However, you have to be careful in taking on any debt. Most of us need a mortgage to buy a home. A moderate amount of mortgage debt can help you get ahead. A moderate amount of student loans and federal student loans tend to be very consumer friendly (if you don't overdose on them). If you're a business owner, sometimes you need an infusion of capital or credit to keep going or to expand. So, those are the kinds of debts that can help you. If it's a low-rate debt or fixed-rate debt, you probably have better things to do with your money than to pay that off quickly. Right now we've got mortgage rates and a lot of loan rates at just phenomenal lows. If they're not the lowest since the 1950s, they're pretty close, and we're likely to see some inflation come back when the economy recovers, so that 2.875 percent mortgage, or the 3 percent mortgage, or whatever, is going to seem like incredibly cheap money. So, I understand the desire to be debt-free. But you don't want to do that at the expense of other goals, like saving for retirement. We recently did a poll asking bloggers and personal financial writers about their favorite money-saving app. When you wrote Easy Money, you mentioned you liked Microsoft Money and Quicken. And you've also referenced that you like Mint.com. You refer to these types of programs as your control panel. Why are these tools helpful for you? Liz Weston: Well, for one thing, you can keep track of a lot of accounts at once. And one of the things you need to be on the alert for is somebody using your account or bogus purchases that might show up. I was a long-time Quicken user, and really liked that program. It put everything in one place so I could look at our spending pattern and see where we might need to cut back — and Mint does that for you. Obviously, it's owned by the same people that make Quicken. Mint.com makes categorization really easy. It automatically categorizes transactions, and you can change it if you want. The bottom line is it really helps you monitor and keep track of your finances without having to bounce around to a lot of different websites. Experian has its own campaign dedicated to helping others live credit smart. I was wondering if you could share a tip to help others manage their credit. Liz Weston: Don't carry credit card debt. Don't think that it's normal. Don't think that it's required, because it's really not. Fewer than half of U.S. households have any credit card debt, and it actually dropped pretty dramatically during the recession. It went from I think 46 percent down to I want to around 39.6 percent. This idea that we all have $15,000.00 of credit card debt is just baloney. What those figures come from is taking the amount of outstanding credit card debt and dividing it by the number of households that have at least one credit card, and it completely ignores the fact that a lot of that debt is being paid off every month. If you want to manage your credit well, get in the habit of paying off your credit card balances. And use your credit accounts regularly, but lightly. You don't want to be maxing out any cards. Again, if you're in the habit of paying off your cards in full, it's going to be easier to do that. It keeps your utilization rate down, and it's going to keep you from getting into real financial trouble. Who are some of the personal finance writers you like to read? Liz Weston: Oh, this is going to be hard because it's going to be like the Academy Awards. I'm going to forget people that I should mention. One of my favorite bloggers is actually a good friend of mine, Donna Freedman. She has a blog called, Surviving and Thriving. Donna grew up poor, but she squeaked by on small amounts of money. She's a talented writer and makes me laugh. So, I'm always checking in with her. WiseBread.com is constantly surprising me and they have a lot of good stuff. Credit.com is another site I check in with regularly – not just because they give good consumer advice, but they're also breaking news all the time. CreditCards.com has some real newsy stuff on their site, and I still check in with Get Rich Slowly and The Simple Dollar, which have been around for a while. Learn more about Liz Weston by following her @LizWeston and subscribe to her blog.

Ronald Reagan once said, “Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.” A truth that still holds true. In the current economic climate, however, small-business owners have found themselves under increased pressure to maintain profitability and grow their business. Since its founding in 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. Today, we announced that we joined forces with the SBA to help small businesses in some of their key programs. The collaboration provides all Historically Underutilized Business Zone (HUBZone) firms and small businesses considered to be socially and economically disadvantaged under the SBAs 8(a) business development program with full access to Experian’s BusinessIQ Express. BusinessIQ Express is an online tool that improves cash flow by providing small businesses with the resources they need to better manage their business relationships quickly and easily. It does this in three key ways: Evaluate — BusinessIQ Express users can evaluate prospects, customers, suppliers and partners on their likelihood to pay or deliver on time. Monitor — Users can easily monitor their business relationships with alerts and notifications of key changes, allowing them to take appropriate account actions and maintain beneficial relationships. Collect — The tool offers small-business users unique options that may have been never before easily accessible to them to help collect on outstanding debts and avoid future losses. Providing these firms with access to BusinessIQ Express helps alleviate some of the economic pressures they could be facing by providing comprehensive, actionable information so they can make more strategic business decisions.

Who doesn’t like low monthly payments? Unless you are lucky enough to buy a car outright, most consumers would agree that when making any large purchase, one of the goals is to keep the monthly payments as low and affordable as possible. Whether it is providing a large down payment, extending loan terms or securing the lowest interest rates, keeping costs down is a number one priority (at least in my household). As it turns out, Experian Automotive’s recently released State of Automotive Finance report showed that very thing. The report found that the average loan terms for a new vehicle jumped to an all-time high of 65 months, the average interest rate for new and used vehicle loans dropped and the average monthly payments dropped versus the same time period in Q4 2011. The report also showed that the average loan amount for a new vehicle was $26,691 in Q4 2012, up $272 from Q4 2011, while the average used vehicle loan was $17,629 in Q4 2012, up $239 from Q4 2011. However, while consumers are taking out larger loans, lower interest rates and longer loan terms for new vehicles helped bring down the average monthly payments. For example, the average interest rate for a new vehicle loan in Q4 2012 dropped to 4.36 percent, from 4.52 percent in Q4 2011, while the average interest rate for a used vehicle loan dropped to 8.48 percent, from 8.67 percent in Q4 2011. Additionally, the average monthly payment for a new vehicle dropped from $468 in Q4 2011 to $460 in Q4 2012. More consumers also were able to obtain financing in Q4, as average credit scores for both new and used vehicles dropped. For new vehicle loans, the average consumer credit score was 755 in Q4 2012, down six points from Q4 2011. For used vehicle loans, the average consumer credit score dropped to 665 in Q4 2012, down five points from Q4 2011 For more information on this report and other automotive-related insights, please visit ExperianAutomotive.com. Photo: Shutterstock

There’s a lot of commentary in the press today as a result of a report the Federal Trade Commission issued this morning about the accuracy of credit reports. This gives me the opportunity to share some insight into Experian’s business and how we actively manage the integrity of our data. After thoroughly reviewing the FTC report issued today, we believe it confirms that consumer credit reports are predominately accurate and serving lenders and consumers well. The report shows that the vast majority of errors on credit reports have no bearing on credit scores, for example outdated information on a consumer’s phone number or address. About 2.2% of reports contained an identified error that shifted consumers to a more favorable lending tier when the data furnisher corrected the inaccuracy. That said, Experian is not satisfied with this result and we continue to work toward ensuring credit reports are 100% accurate.  We take all errors seriously, and invest millions of dollars every year in ways to maintain the integrity of our data by updating our systems to keep data as fresh and accurate as possible. Experian manages information on 220 million consumers and 25 million businesses here in the U.S. There’s no question that’s a challenging job, but one that’s the cornerstone of what we do and therefore critically important. Given the immense significance of credit data in the lending process, we constantly invest the time and resources to improve the integrity of our data, keeping it as fresh and accurate as possible. Credit data powers lending, commerce and our economy, and enables consumers to have access to reasonably priced credit to get the things they need to live a productive life. Lenders need accurate data so they can make objective lending decisions, and consumers should reasonably expect that the information reported about them is an accurate description of how they have handled their credit obligations. All participants in the credit and lending process, including Experian, bear a responsibility to ensuring credit reports are accurate to help keep this process balanced, harmonious and thriving for everyone. Other research on credit report accuracy has also been conducted and published. The Policy and Economic Research Council (PERC) issued the results of its study in May 2011 (PDF); after extensive scientific research, it found that consumers were negatively affected less than one percent of the time by an error in their credit report. Further, the Consumer Financial Protection Bureau (CFPB) issued a report (PDF) that analyzed credit scoring models and found that between 1.3 percent and 3.9 percent of all consumers disputed information on their credit report. Experian’s comments on that report are here. Maintaining Integrity of Our Data The illustration below provides some context on the size of our credit databases. Our goal is to maintain the massive amounts of data flowing through the credit reporting system and ensure credit reports are 100% accurate. Admittedly, this goal has not yet been achieved. We still have work to do, and we invest millions of dollars every year in ways to maintain the integrity of that data by updating our systems to keep it as fresh and accurate as possible. Experian maintains an inventory of more than 400 data quality rules that are customized to the unique needs of clients. Each data furnisher’s submission is checked by these rules to make sure the data is historically consistent and logical before it is loaded to our database. For example, a data furnisher in the auto industry should not be reporting a mortgage account. Our system would catch this, and it would be flagged for one of our data management specialists to investigate. Again, we still have work to do. But we remain vigilant and committed to making improvements. How to Dispute an Error We understand how stressful it can be to find incorrect information on your credit report, especially if the incorrect information is found while applying for credit. Our consumer assistance agents make it a priority to have disputes resolved as quickly and as easily as possible. In fact, to better serve consumers and make sure they have the opportunity to ask questions to understand how inaccuracies occur and how the resolution process works, our consumer assistance center established our “Stop the Clock” program. Instead of measuring the success of our customer service by the number of calls answered or the speed which those calls are handled, our agents are empowered to provide excellent customer service and spend time with each consumer to make sure their questions are answered and they understand any next steps if needed. To accommodate consumer preferences, we provide options on how consumers can initiate a dispute — either online, by telephone or by mail. Most consumers choose to utilize the online dispute system since it simplifies the process by providing choices for the most common dispute reasons and provides a way to check the status of the dispute during the process. In 1996, the credit reporting industry implemented an online dispute resolution system to drive greater accuracy and efficiency into the dispute resolution process. As a result, consumer disputes are sent to data furnishers online daily rather than relying on written documents sent by mail. Our online dispute resolution systems have been enhanced by numerous technology improvements, such as Live Chat assistance for online consumers which have led to faster dispute resolution times – now averaging 14 days. This is less than half the time allowed by federal law. Consumers should be satisfied that we have an effective dispute resolution process that allows them to correct errors through multiple channels. In fact, the PERC study noted above found that 95% of consumers who went through a dispute process were satisfied with the outcome. Experian also invests in consumer education and financial literacy. We want consumers to fully understand the fundamental credit concepts so they can engage effectively in the credit reporting process and play an active role in ensuring information is accurate and complete. The “Live Credit Smart” website is just one example of Experian’s consumer education outreach. Experian’s Commitment We live in a world with balanced interests, and believe consumers, credit grantors and the credit reporting industry all benefit from playing an active role in the credit system. Without this system in place, credit grantors would not be able to assess risk, credit would be harder to get and more costly, lending would slow and as a result, the economy could stall. We know all consumers rely on the ability to lock into a new mortgage rate, get a retail store card to afford that key purchase, or leave the auto dealer with a new car for your family. We take our role in this process seriously, and as a company, we continually challenge ourselves to exceed the highest standards in the industry, both in managing the integrity of our data and helping consumers understand and manage their credit. The success of our business depends on it. Photo: Shutterstock

As you may have seen, 60 Minutes ran a story on the credit reporting industry tonight, and unfortunately, much of the story was inaccurate and misleading. The focus of the segment was on data accuracy and the results of the yet-to-be released FTC accuracy study. Many parts of the story did not accurately reflect the facts that have been validated by independent third party studies, the industry’s position or Experian’s position. As such, we would like to clarify our industry position and specific allegations about Experian’s practices. The Business of Credit Reporting The core business of credit reporting agencies is ensuring the accuracy of consumer credit files. This helps lenders rapidly and accurately assess the credit risk of individual consumers and assures consumers that credit reports are an accurate reflection of their credit and repayment history. The more accurate our data, the more accurate assessment the lenders can make of consumer risk. Data Accuracy – What You Didn’t See 60 Minutes showed FTC Commissioner Leibowitz saying that one out of 10 consumers might have an error that would lower their score. To clarify, the focus of the study was on "material" errors and according to the FTC’s own study, which the Consumer Data Industry Association (CDIA) commented on, “98% of credit reports are materially accurate.” CDIA also shared with 60 Minutes that repeated studies have shown that despite the fact that billions of individual pieces of data are received and processed each year, the credit reports assembled provide highly accurate assessments of consumer credit history that both businesses and consumers can use to make informed financial decisions. They pointed to the work done by the Consumer Financial Protection Bureau who looked at the issue of credit accuracy last December. Their analysis found that only between 1.3% and 3.9% of consumers disputed information in their credit report that they believed was in error. Even that number may overstate the number of actual inaccuracies, since the study did not indicate how many of the disputes were the result of an actual error, instead of mere requests to update information or the result of dispute requests from fraudulent credit repair companies who attempt to scam consumers into disputing accurate data. They also highlighted a recent study concluded by the Policy and Economic Research Council that found only one-half of one percent found an error that would cause the consumer to pay a higher price. These studies also showed 60 Minutes that consumers who use the dispute process are generally satisfied with the results and that credit bureaus are handling disputes in a timely manner. In fact, the Policy and Economic Research Council study found that 95% of consumers were satisfied with the outcome of their disputes. Experian’s Management of Dispute Resolution 60 Minutes interviewed three former Experian employees on how they allegedly handled dispute resolutions. As we informed 60 Minutes, these are the details about the important process we employ to manage disputes: “We cannot speak to the motivation of the statements attributed to former Experian employees, particularly as the comments are out of context and simply not reflective of the way Experian runs its business. We can say without question that Experian is focused on providing the highest quality services to consumers. That commitment is reflected in consumer surveys in which 95% of consumers are satisfied with the results of their dispute requests. In addition, Experian does have procedures where its agents can and do question dispute responses directly with data furnishers. Our agents are trained to be proactive when considering information submitted by consumers; they do in fact have the ability to include supporting information provided by the consumer with each dispute. Experian does drive for efficiency in its processes in full support of consumers' needs for speed in resolving their issues. Importantly, however, our agents are empowered to resolve consumer disputes incorporating the highest quality and customer service without time parameters. Regarding the former employee’s comment that “he could not question or investigate a furnisher’s response,” that is simply not true. We utilize a specialized platform, created by our industry and mandated by federal law, for our agents to effectively communicate with data furnishers when processing disputes. The document that the agent reviews includes both the consumer’s dispute as well as the data furnisher’s response. If the agent feels that the response is unclear, they are empowered to phone verify the response. This has been our agents’ process for many years. Consumers need speed in resolving their disputes, and we direct our efforts toward that goal. We complete dispute processing in 14 days on average, well below the required 30 day turnaround required under federal law.” Accusations of Breaking the Law Among the glaring errors, Ohio Attorney General Michael DeWine stated that companies in the industry are in violation of the Fair Credit Reporting Act. This statement demonstrates both a misunderstanding of the law and the efficacy of our dispute systems. Experian is in full compliance with all relevant laws and regulations. And, from an industry perspective, Federal courts have found no violations on multiple occasions. Further, Congress directed the Federal Trade Commission to conduct a year-long review of the dispute process and they did not find any violations of law. This industry is under continuous scrutiny, but we at Experian do not let that deter us from our commitments. We know there is always more work to do to make the system better, and rest assured, this is core to our commitment. We have a long history of doing what’s right for the consumer. I would invite you to visit “Our Commitment” to learn about how we approach data accuracy, customer service and consumer education.

As the global leader in the credit business, it’s our responsibility to assist lenders in managing consumer credit risk, and importantly, to empower consumers to understand and responsibly use credit in their financial lives. These responsibilities require a commitment – a commitment from us to play a leading role in helping consumers understand the fundamentals of credit management and how they can benefit from this growing marketplace reliant upon credit. To do this, we continually invest in processes and products that help consumers throughout their credit journey. Experian has created a long-standing culture of commitment to evolve with the changing marketplace and demands of consumers (and the credit industry). We have a proven track record of continual improvements to our systems over the years, including: We’ve invested millions of dollars annually upgrading our systems and processes in pursuit of “error-free” data; We were the first credit reporting agency (CRA) to add rental payment history to credit reports; We empowered our call center operators to stay on the phone with consumers as long as it takes to answer their questions; and, We were the first CRA in the U.S. to launch a nationwide financial education campaign. These are just a few examples – and while we are proud of them, we are not sitting idle and resting on these efforts alone. We are constantly striving to make our data as accurate, complete and current as possible to service the needs of consumers and lenders. We know there is always more work to do to make this system better, and rest assured, this is core to our commitment. The world of consumer credit is evolving, and it’s up to Experian (and the industry) to continue looking at ways to make it better. This is a business – but we realize that consumers are at the core of why we are in business in the first place. We are dedicated to helping consumers throughout their journey in this fast-changing world of consumer lending. This is our culture. This is our commitment. I invite you to hear directly from our employees and our partners about our culture and our commitment at www.experian.com/ourcommitment. Photo: Shutterstock

As of 2011, the Hispanic population comprised 16.7% of the United States population, the largest minority group following African-Americans. In addition, 20.3% of U.S. households speak a language other than English. Recognizing the need for expanded financial resources to the Hispanic community, Experian provided a generous grant to translate the NFCC’s MyMoneyCheckUpTM tool into Spanish. The resource provides consumers with a means of evaluating four key areas of personal finance: budgeting and credit management, saving and investing, planning for retirement and home equity. The tool is now available in Spanish at MiAyudaFinanciera.org and Debtadvice.org. “Experian is pleased to work with the NFCC Member Agencies in helping families improve their financial capability and in making this valuable tool available to a wider audience,” said Maxine Sweet, Experian vice president of public education. “We have a shared goal of helping everyone learn to live credit smart. That starts with a clear understanding of your financial position and having readily accessible tools to help guide your future.” Experian has supported the NFCC’s outreach from its earliest days, with representatives previously serving on its Board of Directors, Advisory Council, Education committee and the boards of member agencies across the nation. We recognize the valuable role of the NFCC and its member agencies in helping consumers recover from debt and that they share our passion for educating consumers to live credit smart. To learn more about Experian’s financial education resources, please visit LiveCreditSmart.com. Photo: Shutterstock

Thanks to the new online tools and services found at SSA.gov, you no longer have to wait on the phone or in line at the Social Security Administration (SSA) to access your benefits. Today, vital financial information such as your recorded earnings; social security benefits (or expected benefits), and disability and survivor benefits are instantly accessible online. The SSA recently announced the online “My Social Security” account, a tool that provides access to benefit verification letters and statements. Signing up for an account is easy, free and secure. Simply visit SocialSecurity.gov/myaccount to create a unique username and password. You will then be asked a series of questions provided by Experian to verify your identity and ensure secure access to your account. At this point, your account is fully set up and you can check your information as many times as you want, free of charge. This is important because, much like balancing your checkbook, regularly checking your online social security account is key to making informed financial decisions. Since its announcement, thousands of people a day have been checking their online account. Take charge of your financial planning and create an online “My Social Security” account to check your statement today. Photo: Shutterstock

Email marketing continues to be the hub and driving force in cross-channel integration as consumers are becoming more vocal and more demanding with what they expect from their favorite brands. Today, Experian Marketing Services released findings from its email market survey that addresses acquisition and engagement tactics email marketers use in tackling these challenges head-on. Email strategies often act as connectors to Website, mobile, social and in-store channels. To provide deeper industry insight and help marketers better understand how leading brands are using specific email marketing tactics, Experian Marketing Services surveyed email marketers across eight verticals about their email-marketing initiatives, including their strategies for subscriber acquisition, mobile and social marketing, testing and creative design. “We are seeing more email marketers testing new engagement strategies to expand their reach into other marketing channels,” said Peter DeNunzio, general manager at Experian Marketing Services’ CheetahMail. “Insights from this market study not only confirm that email is still a very strong performer, but it is also a spearhead in the progression towards true cross-channel optimization.” Fifty-three percent of respondents represent multichannel retailers — companies that have both brick-and-mortar stores and ecommerce sites. These survey results provide benchmarks on which marketers can gauge their own programs, or use as a factor when deciding to implement new tactics. Key insights in this study include: 44 percent of total opens occur on mobile devices 52 percent of marketers have used animated gifs in their email campaigns Marketers are seeing strong survey completion rates, regardless of offer Email is still a strong performer as a generator of both Website traffic and revenue Email marketers are testing subject lines and creative more than any other factors 78 percent of brands use sales associates to collect email addresses Download the study here and receive deeper insight on strategies marketers are using for subscriber acquisition and engagement. Photo:  Shutterstock

In today’s ultra competitive world, every organization is doing what it can to not only reach new customers, but, some could argue more importantly, to hold on to the ones they already have. In the recently released Loyalty and Market Trends Report by Experian Automotive, we looked at Automotive Loyalty at the brand, model and corporate level to see which auto makers were the most successful at keeping their customers coming back for more. Drum roll please … our analysis found that Ford took the top spot in Brand Loyalty* overall and that the Ford Fusion and the Ford Flex took the top two spots for brand loyalty at the model level during Q3 2012 (surpassing the Q2 2012 model loyalty leader Chevrolet Sonic). “Ford continues to perform exceptionally well in brand loyalty, with a range of products that are getting customers back to the showroom again and again,” said Jeffrey Anderson, director of consulting and analytics for Experian Automotive. “Loyal customers provide a ready-made source of sales and constitute an important element of maintaining or expanding market share and profitability.” Overall, Ford had seven models in the top 10 for brand loyalty. Other Ford models in the top 10 included the Ford Edge, Ford Five Hundred, Ford Fiesta, Ford Escape and Ford Focus. The other top 10 finishers include the Chevrolet Sonic, Kia Forte and Cadillac DTS. When looking at the overall brand level (or when the owner of a certain brand returned to market to buy the same brand of car regardless of the model), the analysis found that Ford and Toyota maintained the top two spots, and Kia and Hyundai moved into the third and fourth positions, surpassing Honda. In regards to Corporate loyalty, Toyota, GM and Ford hold the top three spots, with Hyundai, Honda, Chrysler, Subaru, Nissan, Mercedes-Benz and Volkswagen rounding out the top ten. The full report also highlighted several other areas of the Auto industry including registration trends, market share shifts and changes in the average vehicle age. All of this information will be presented in a free webinar on Jan. 23 at 11 a.m. Pacific/1 p.m. Central/2 p.m. Eastern. If you would like to attend the event, please visit www.ExperianAutomotive.com to register. Experian Automotive also will be tweeting highlights from the report during the Webinar on Twitter @Experian_Auto using #EXPAuto. If you can’t make the live event, a recording will be available on the site for download. *To measure loyalty, we looked at vehicle owners and their subsequent vehicle purchase. For example, if you owned an Acura, then purchased a Honda, you would be considered Corporate Loyal, but not Brand Loyal. To be Brand Loyal, you need to buy another Acura. Photo: Shutterstock

This guest post is from Benjamin Feldman (@BWFeldman), writer and content strategist at ReadyForZero.com, a company helping people get out of debt. At the beginning of this year, I had several thousand dollars in credit card debt and I was ready to pay it off. But I knew that I needed to cut down on my spending in order to have enough money left over to start paying down my credit card balance. So I did some research and started finding ways to cut expenses. One of the things I realized is that your fixed expenses – the ones that seem to be locked in – like your auto insurance and rent, often have some flexibility after all. Below are some tips I’ve found for reducing those fixed expenses: 1. Renegotiate Your Cell Phone Plan When it comes right down to it, we pay a lot for our cell phones – not always for the phones themselves, but for the monthly calling plan (and data plan, in most cases) that comes with them. These companies count on the fact that we sign up for a plan when we’re excited about our new phone and then simply pay the bill every month – which means a steady cash flow for them. But what if you need to get out of debt or simply want to save more of your take-home pay each month? If that’s the case, you should try to get that cell phone bill lowered. First, look at your most recent statement and see what you’re actually paying for. It’s possible your bill includes things you signed up for but are no longer using, like an extended data plan, unlimited text messaging, or an additional phone line. Decide what level of service you actually need, and then research how much that would cost if you purchased it from another provider. When you find the best rate, call up that company and ask if they can guarantee that rate while waiving your cancellation penalty fees from your current provider. If they can, then you’re in business. But first call your current provider and see if they can match the offer – in many cases, they will because they don’t want to lose you as a customer. 2. Cut Your Cable Bill… Or Drop It Entirely Another monthly expense that we all seem to have is the good old (actually not so good and not so old) cable bill. But you’re stuck with that one, right? Wrong. You can use similar tactics described above to lower the cost of your cable bill. Even if there are no competitors in your area, you can still use leverage you have as a loyal customer to reduce your rate. That’s because there are now so many alternative ways to get TV shows and other entertainment online. Call up your cable company and tell them you are thinking about switching to Netflix or Hulu instead of being a cable subscriber. See if you can get a discount for 6-12 months or if they can take certain charges off your monthly bill – especially if you have ‘extra’s that you don’t need, like a second cable box or premium channels that you rarely watch. And if you need more details on alternatives to cable, check out this post on the ReadyForZero blog. 3. Save Money on Your Auto and Renters/Home Insurance We’ve all seen the ads on TV telling us to look for better rates on auto insurance. It turns out, that’s not a bad idea. Keep in mind, that you can often save more with the company you’re currently with (due to their loyal customer program). However, that doesn’t mean you should assume that you already have the best deal. Find your statement and see how much you’re paying right now. Also, make sure you understand what type of coverage you’re paying for. Then start calling around and find out which company may have a lower rate – for the same coverage. If you can get a lower rate quoted to you, take that back to your current insurance provider and ask if they can match it. Also, make sure you ask them about all the possible discounts that might apply to you, such as the one for buying your auto and home (or renter’s) insurance from the same company, the good driver discount, the family discount, etc. 4. Get a Good Workout for Less You probably want to be healthy and get your recommended amount of exercise; but who says you have to pay an arm and a leg for an expensive gym membership? Especially when free and low-cost memberships exist, it’s worth downsizing or eliminating your gym membership. If your workouts consist mostly of running on a treadmill or doing sit-ups and push-ups, you can probably do without a gym membership. On the other hand, if you need to use certain exercise machines only available in a gym, look around for discount coupons available at stores like Costco or online that can cut your monthly gym costs in half. 5. Try to Lower Your Rent This one will be tough for some people – especially if you live in an apartment that is managed by a corporate leasing office. However, if you have a landlord that you personally know, you might be surprised that you can find ways to get a discount on your rent. You might ask if you can help maintain the plants and landscaping around your apartment or help with do-it-yourself projects like repainting worn exterior walls in exchange for a reduced rental rate. I’ve seen instances when this kind of agreement worked quite well. Even if you have a mortgage, there are ways to lower your monthly housing costs. For one thing, if you have a guest bedroom that is not being used, you could consider finding a renter. With any luck you might find a respectful and quiet person whose monthly rent payment will help cover a significant portion of your mortgage. You can also research whether refinancing would help to lower your payment, but make sure that doesn’t force you to pay more interest in the long run. I hope these tips will help you lower your fixed expenses and get you on your way toward achieving your financial goals. If you want more tips on how to save money and streamline your budget, check out our Budgeting Tips resource center. Or, if you’re trying to get out of debt by the end of this year, take a look at our Student Loan Debt and Credit Card Debt resource centers. No matter what, stay motivated and keep moving forward! Photo: Shutterstock

When I speak to people about credit reports and credit scores one of the things I always do is ask the audience members to raise their hands if they’ve requested their free annual credit report. Sadly, on a good night only about half the people in the audience raise their hands. A new report from the Consumer Financial Protection Bureau (CFPB) confirmed my simple surveys. Far too few people request their reports each year. At a minimum you should check your credit report at least once every 12 months. There are a lot of reasons to get it, and here are five: It’s free. Never pass up a freebie, especially when it can affects your financial health and well-being. Your credit report plays an important part in your credit transactions and many other financial relationships.  Get your annual credit report.  It’s an important step in rebuilding and maintaining good credit. Reviewing your credit report periodically will help you make sure it is in good shape when you are ready to apply for new credit and enable you to monitor your progress if you are recovering from past credit problems. Photo: Shutterstock It’s an important part of managing your personal finances. You should review your credit report just like you do your bank statements and credit card bills. Managing credit, keeping track of spending and putting aside savings are all essential to being financially successful. It’s often the first indicator that you are an identity theft victim. If you find names you don’t recognize, Social Security numbers that don’t belong to you, or accounts that aren’t yours, you might be a fraud victim. Experian and the other national credit reporting companies can help you stop the credit fraud and prevent future misuse of your identity. It’s the first step in correcting any information you feel is inaccurate. The vast majority of the time people find everything is accurate. But if you do find something wrong, your personal credit report comes with instructions for submitting disputes and contact information including a toll-free telephone number, Internet address and mailing address.