March is National Credit Education Month — a great reminder that your credit isn’t just a number. It’s a tool. And when you understand it, you’re in control.
Your credit plays a role in some of life’s biggest moments — buying a car or home, setting up utilities, qualifying for better interest rates, and sometimes even landing a job. The good news? No matter where you’re starting, you can take steps to build, strengthen, and protect it.
Let’s walk through the basics — and show you a simple way Richwood Bank helps you stay ahead.
Building Credit: Small Habits, Big Impact
Strong credit doesn’t happen overnight. It’s built through steady, consistent habits:
- Pay bills on time. Payment history is one of the biggest factors in your credit score.
- Keep balances manageable. Using only a portion of your available credit helps over time.
- Start small. A starter credit card or small loan can help establish credit when used responsibly.
- Monitor your credit regularly. Awareness helps you spot errors early.
The key is consistency. Progress may feel slow — but it adds up.
Stay Ahead with Free Credit Monitoring in Online Banking
At Richwood Bank, we make it easy to keep an eye on your credit.
Inside your online banking menu, you’ll find Credit Score & Report, powered by SavvyMoney — a free tool available to all customers. Once activated (it only takes a minute), you’ll be able to:
- See your updated credit score every time you log in
- Track changes and understand why your score moved
- Review your full credit report
- Receive monthly email updates
- Get real-time alerts about important changes
And here’s the important part:
Checking your score through this tool is considered a soft pull — so it will not affect your credit score.
A Real Example
Recently, one of our own Richwood employees received an alert email from this tool. It showed that someone had attempted to open a line of credit in his name.
Spoiler alert: it wasn’t him.
Because he was notified immediately, he was able to contact the lender, report the fraudulent attempt, and stop the scammer in their tracks before any damage was done.
That’s the power of visibility. The sooner you know, the faster you can act.
If you haven’t activated Credit Score & Report yet, log into online banking and look for it under the menu. It’s quick, easy — and free.
Recovering From Identity Theft
If your identity is ever compromised, it can feel overwhelming — but there are clear steps you can take:
- Review your credit reports for unfamiliar activity
- Dispute errors with the credit bureaus
- Place a fraud alert on your credit file
- Document everything and act quickly
The faster you respond, the easier it is to limit damage and begin restoring your credit.
Helpful resources:
- FTC Identity Theft Recovery: https://www.identitytheft.gov/
- FTC Credit Repair Guidance: https://consumer.ftc.gov/articles/fixing-your-credit-faqs
Credit Freezes: An Extra Layer of Protection
A credit freeze prevents new credit from being opened in your name without your permission. It’s one of the strongest tools available to prevent fraud.
A freeze can be helpful:
- For children, to prevent identity theft before it starts
- For adults, even if identity theft hasn’t occurred
- After a data breach or fraud attempt
Freezing your credit does not impact your score, and you can lift or temporarily remove it anytime you legitimately apply for credit.
Helpful resource:
- FTC Credit Freeze Guide: https://consumer.ftc.gov/articles/what-know-about-credit-freezes-and-fraud-alerts
Knowledge Puts You in Control
Whether you’re building credit for the first time, repairing past challenges, or protecting what you’ve worked hard to build, understanding your credit gives you power.
At Richwood Bank, we believe banking should feel supportive — not transactional. Tools like Credit Score & Report are one more way we help you stay informed and confident about what’s next.
If you have questions about your credit or want to talk through your next financial step, stop by your neighborhood branch or start the conversation with us today.
Because when you can see clearly, you can move forward confidently.
