A bad credit score can kill your chances of getting a loan, renting an apartment, or even getting a job. In short, it's important that servicemembers monitor their credit on a regular basis; and financial organizations such as FINRA, want to help servicemembers improve how they manage their credit.
The FINRA Investor Education Foundation -- in partnership with the U.S. Department of Defense, the National Military Family Association, and the Securities and Exchange Commission -- announced that Bright Score, an online credit management tool, will be offered free of charge to active-duty military personnel and their spouses to help them manage credit wisely.
Bright Score is a detailed credit report that shows a user's credit history, and which aspects are negatively or positively affecting their credit score. This new tool also provides a personalized action plan to help servicemembers take corrective action towards a poor credit score.
"The Foundation's Military Financial Education Program is designed to help military servicemembers and their spouses take control of their finances," said Mary Schapiro FINRA's CEO in a company-issued press release.
"Managing and improving your credit is one way that servicemembers and their spouses can take control of their finances. Managing and improving your credit is one way servicemembers can achieve their financial goals," Schapiro added.
Servicemembers can get free access to Bright Score by contacting their on-base personal financial manager, or they can see an online demonstration of this tool at www.brightscore.com/demo/index.aspx.
For more information about managing your credit wisely, visit Military.com's Finance channel.