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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.

Credit freezes don't stop you from being able to get a free credit report: Money Matters

Q: After the Equifax breach in September, I froze my credit reports with all four of the credit agencies. Today, I decided to get my free credit report so I went to the free credit report site, entered the requested info, and chose Equifax. I used ...

Published:  Wed, 15 Nov 2017 01:22:00 GMT



Household Debt And Credit Report: Up $116B In Q3, Another Peak

The latest household debt for Q3 2017 was up 0.9% from Q2 and currently at $12.96T and currently at its peak. Here is an excerpt from the latest press release: As a result of the housing and mortgage crisis of the Great Recession, economists have been ...

Published:  Wed, 15 Nov 2017 23:30:00 GMT



Best Car To Buy 2018; Tesla Semi, Roadster; VW e-Golf driven; electric-car tax credit: The Week in Reverse

Which vehicle did we name our Green Car Reports Best Car To Buy 2018 ... The U.S. House of Representatives "tax reform" plan kills the federal income-tax credit for buying an electric car, but the later Senate version of the tax-reform bill keeps it ...

Published:  Sat, 18 Nov 2017 00:00:00 GMT



AFBC Encourages Consumers to Check on Their Credit Report and Student Loan Accounts

Emeryville, CA, November 14, 2017 (Newswire.com) - A credit report is like a report card in the world of debt. It's important to not only stay current with debt, but also make sure that the "report card" reflects true performance. However, sometimes ...

Published:  Tue, 14 Nov 2017 12:00:00 GMT



Lloyds' Avios Reward credit cardholders report fraudulent activity

Thousands of Lloyds Avios Rewards American Express credit card customers have been targeted by fraudsters, the bank has admitted. Reports first emerged on air miles site Head for Points, where readers asked if the credit card had suffered a major data breach.

Published:  Sun, 19 Nov 2017 18:15:00 GMT



New report shows that half of the world's wealth is owned by the richest 1 percent

A new report by financial giant Credit Suisse shows that the world's super-rich have accumulated more than half the world's wealth, while the 3.5 billion poorest in the world account for just 2.7 percent. Since the financial crisis, the report states ...

Published:  Sun, 19 Nov 2017 03:49:00 GMT



How to Read Your Free Credit Report

This content is made possible by our sponsor; the views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. A key step to understanding your creditworthiness is knowing what's in ...

Published:  Wed, 08 Nov 2017 02:37:00 GMT



Credit Suisse report finds richest 1% now own half the world's wealth

The richest 1% own half the world's wealth, according to Credit Suisse's global wealth report. Credit Suisse also found that this past year's growth created a slew of new millionaires-2.3 million of them, with half living in the United States.

Published:  Tue, 14 Nov 2017 00:00:00 GMT



Credit checker Experian reports 6 pct rise in H1 operating profit

Nov 15 (Reuters) - Experian Plc, the world's biggest credit data company, reported a 6 percent rise in first-half operating profit, driven by growth across its operations. The FTSE 100 company, which is best known for running consumer credit checks for ...

Published:  Thu, 16 Nov 2017 00:46:00 GMT



Credit and Credit Reports Class

Piedmont Housing Alliance's HUD approved Housing Counseling staff members provide community classes to help you better understand your monthly spending habits, your income, credit report and how to save. Each class focuses on a different aspect of ...

Published:  Tue, 14 Nov 2017 00:53:00 GMT



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