Whether you are getting ready to apply for a loan or want to strengthen your next application, there are resources to help you get “loan ready”.
Q. How can I see my credit report and find my credit score?
A. Your credit report is an important part of your financial life that can determine whether you can get credit, how good or bad the terms are, and how much it costs you to borrow. Learn how to get your free credit report — and why it’s a good idea.
All three of the major credit reporting agencies offer free access to your credit report and credit score. Here are their web links:
- Equifax https://www.equifax.com/personal
- Experian https://www.experian.com
- TransUnion https://www.transunion.com/annual-credit-report
If you are interested in ongoing credit monitoring, there are several free online sources, including those listed below:
- Credit Karma (TransUnion & Equifax) https://www.creditkarma.com
- WalletHub (TransUnion) https://wallethub.com
- Credit Sesame (TransUnion) https://www.creditsesame.com/myfreecreditscore
- Credit.com (Experian) https://www.credit.com
- Discover Credit Scoreboard (Experian) https://www.discover.com/free-credit-score/displayLanding.html
- Chase Credit Journey (TransUnion) https://www.chase.com/personal/credit-cards/chase-credit-journey
Q. I have a low credit score. What can I do to improve that?
A. Here are a few organizations that can help you learn how to improve your credit:
- Take Charge America – offers a free credit review to help you understand your credit and how to improve it. This service is free.
- eHome America – offers a money management self-paced online class that costs $30.
- Apprisen (Iris)– offers a free automated financial analysis.
- Redbud Financial Alternatives – offers one-on-one assistance to create a financial action plan that helps clients reach their financial goals; services are available to clients in Breathitt, Knott, Leslie, Perry, and the bordering counties and are free.
Note – there is a longer list of similar resources should you need additional information: Financial Resources.
Q. Where can I get help with year-to-date financials?
A. The Small Business Development Center or the Women’s Business Center can guide you in compiling your year-to-date financials. Note: The Women’s Business Center serves all gender identities.
Q. How do I write a business plan?
A: There are classes offered by various service providers to help you get your thoughts on paper and work out the details of your business idea into a plan. If you prefer to do the work on your own, templates and courses for business plans are available online.
Classes: Kentucky Small Business Development Center; Kentucky Women’s Business Center; SOAR Innovation’s Co.Starters
Templates/Other Information: Centro Business Planning App; Kauffman FastTrac; Small Business Administration (SBA) Business Plan Outline; SCORE Business Plan Templates
Q: How do I write financial projections?
A. Financial projections are what you anticipate your business’ finances to look like in the future. These may be requested for start-up businesses or if a business is looking to make big changes. The Small Business Development Center or the Women’s Business Center can assist you with projections.
Q: I have student loan debt. Where can I find information on forgiveness programs?
A. The federal government maintains a student aid website where you can find trustworthy information on student loan debt.
