HUNTSVILLE, Ala. (WHNT) – If you’re feeling a little uneasy about all the money you’re shelling out for the holidays, you might want to check out a new tool from WalletHub.
The popular financial website’s “Financial Fitness Tool” uses analytics to offer individual money advice. It’s also free.
Once you sign up and create an account, WalletHub can tap into your existing data profile through partner TransUnion. After reviewing factors like your age, income, expenses, debt and savings, the service can offer customized advice on everything from increasing your credit score to finding loans.
Those who sign-up soon can also receive a holiday shopping budget to avoid overspending between now and the end of the year.
Here are a few more services WalletHub provides through this new tool:
• Full TransUnion credit reports
• Customized savings alerts
• Credit improvement tips
• VantageScore 3.0 credit scores
• 24/7 credit monitoring
• Unbiased recommendations based on user savings, not advertiser dollars
• Information that is updated daily, unlike existing services whose data can be up to a month old
• Ad-free, intuitive user experience
Asked whether the Financial Fitness Tool was designed to help primarily with raising credit scores, WalletHub analyst Jill Gonzalez said, “This tool will help people make better financial decisions on a broad level, including improving credit scores. For example, blindly applying for a credit card or loan is a bad strategy, as it can lead to a string of hard inquiries and rejection letters that diminish your credit score and ultimately make it even harder to get approved. Giving WalletHub permission to access your credit data and use sophisticated algorithms to hunt down the best deals on your behalf, however, will enable you to better target your efforts and, hopefully, get approved for the best possible terms the first time around.”
Gonzalez also elaborated on the security of the service, adding that “WalletHub uses the same highest-quality level of security as its partner, TransUnion, one of the three biggest credit bureaus in the country. To gain access to their already existing TransUnion data, users simply have to verify their identity by inputting their name, current address and multiple choice questions that only they know the answer to, along with the last four digits of their SSN.”