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How You Can Raise Your Credit Score If It’s Low

 

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How You Can Raise Your Credit Score If It’s Low

So you’re one of the 220 million Americans who have bad credit – resulting in a low credit score that has rendered it nearly impossible to secure a loan at decent interest rate you can afford. But don’t despair. There is hope for repairing the damage and restoring your credit.

Credit reports are used in a variety of ways and by a number of different agencies. Credit card companies, utility companies and financial institutions all use a person’s credit report to determine financial stability. Even employers are jumping on the credit-reporting bandwagon, using a potential employee’s credit report as part of the hiring process.

The recent recession also has created quite a credit crunch for those with bad credit histories. As part of new financial legislation, banks and other financial institutions were required to write off record numbers of debt in order to comply with the law. Unhappy with losing out on the ability to collect on that debt, financial institutions have gotten a lot pickier about to whom they lend money, closely scrutinizing credit reports and scores prior to agreeing to do business with a particular lender.

So what do you do if you suspect your credit score is keeping you from excelling financially?

The first thing to do is to request a copy of your credit report from all three credit reporting agencies. Equifax, Experian and TransUnion are the three credit-reporting agencies that compile financial histories on consumers in the United States. The Fair Credit Reporting Act indicates that every consumer is entitled to one free credit report annually. You can opt to receive one from each of the credit reporting agencies, or from just one of them. Because each agency collects data differently, it may be wise to request a report from each of the three agencies.

Once you have your credit reports, pore over them carefully, checking for any discrepancies or outright errors in your financial history. A common reason for misinformation on a credit report is that another individual shares a name similar to yours, and their information has accidentally found its way onto your report. Another reason for errors can be identity theft. If there are accounts listed on your report which you do not hold, it is important to dispute them with the credit reporting agency, and immediately request that a fraud alert be placed on the accounts in question.

If there are no mistakes on your report and you simply have bad credit due to past financial indiscretions, there are ways to help repair the damage.

  • Pay bills on time. Failure to pay on time or at all can have a serious negative impact on your credit report. It is best to make small payments rather than to forego them at all. Complete avoidance can result in a collection agency taking over your account, which is detrimental to your credit score.
  • Low balances are best. Many consumers erroneously assume that racking up huge sums on credit cards is the best way to “build” credit. The exact opposite is true. If you already are struggling with paying off debt, running up large amounts on credit is never a good idea.
  • Don’t apply for new credit. Every time a consumer applies for a new credit card, their credit report takes a “hit” and their credit score lowers a bit. It also is wise not to close credit accounts which you aren’t using for the same reason. It is better to leave them open without balances than to close them.

Lastly, do not be afraid to seek out the help of a reputable consumer credit counseling service, which may be able to help you reduce your payments so that you can begin to pay off all debt owed, rather than simply moving it around. TopConsumerReviews.com has reviewed and ranked the best credit repair services available today.

How to Get Additional Free and Discounted Credit Reports

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Published:  Sun, 21 Jan 2018 07:55:00 GMT



How to Get a Free Credit Report

Your credit report is a history of past and current credit activity. Lenders use it to assess the risk of extending new or continuing credit - everything from credit cards to auto and home loans. If you're looking to apply for new credit, you should ...

Published:  Thu, 18 Jan 2018 06:37:00 GMT



Report: The average consumer has more than $6,300 in credit card debt

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Published:  Fri, 19 Jan 2018 10:00:00 GMT



Solve These 3 Problems And Improve Your Credit Score Fast In 2018

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Published:  Wed, 17 Jan 2018 08:27:00 GMT



OnePlus website Was Hacked, Credit Card Information at Risk

It is a frequent target of hackers. A number of reports have noted that the attack attempts had come since the first year they used the credit card to purchase items and make payment from the manufacturer's website. Most people blamed OnePlus for the ...

Published:  Sat, 20 Jan 2018 11:39:00 GMT



Treasurer Webb intends to release full credit report in month or two

Lindsay Webb takes oath of office from Toledo Municipal Judge Michelle Wagner on Jan. 10 at One Government Center in Toledo. Lucas County Treasurer Lindsay Webb said Friday she expects to release her full credit report within 30 to 60 days, a disclosure ...

Published:  Fri, 19 Jan 2018 21:22:00 GMT



OnePlus Shuts Down Credit Card Payments After Reports of Suspicious Transactions

Recently, OnePlus was on a roll. The OnePlus 5T is easily the best phone the company has ever made, and just before CES 2018, OnePlus released a rather attractive white color variant for its latest mid-range phone. However, things got derailed last week ...

Published:  Tue, 16 Jan 2018 05:50:00 GMT



OnePlus suspends credit card payments after customers report fraudulent purchases

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Published:  Tue, 16 Jan 2018 00:17:00 GMT



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