When tax time rolls around many people naturally take stock of their finances and evaluate their overall financial health. One reflection of your financial health is your credit score - that elusive and confusing figure used by lenders to determine whether or not to loan you money.

Thanks to the Fair and Accurate Credit Transactions Act (FACT) passed by Congress, consumers now have access to a free personal credit report from each of the three nationwide credit bureaus - Equifax, Experian and TransUnion.

Credit reports contain payment histories, loan balances and other personal financial information; and because they are a reflection of your credit history, you will want to make sure they are accurate. For example, cutting up your credit card and ceasing to use it any longer does not cancel the account. It will still be reported as an active account on your credit report until you cancel it with the lender.

To obtain your free personal credit report visit the website www.annualcreditreport.com , a website established by the three national credit bureaus. The free service is being made available to the public in a phased-in fashion with Illinois residents gaining access to their free reports beginning March 1, 2005.

While you are taking time to review your personal credit report, you may also want to check on the accuracy and health of your business's credit rating. The primary source used for business credit ratings is Dun & Bradstreet. Business credit reports are much more complex than the already confusing personal reports, so we recommend enlisting the help of a professional accountant to help you interpret those results.

Working with Dun & Bradstreet to review, update and improve your business's credit file can be a daunting and confusing project. ERWestjohn has experience providing this service to business clients, so if your business needs help with a credit review, please give us a call at 217-342-6555.

Sincerely,



Elizabeth R. Westjohn, CPA