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How Often Should You Check Your Credit Report?

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How You Can Raise Your Credit Score If Itís Low

 

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How You Can Raise Your Credit Score If Itís Low

So youíre one of the 220 million Americans who have bad credit Ė resulting in a low credit score that has rendered it nearly impossible to secure a loan at decent interest rate you can afford. But donít 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 personís credit report to determine financial stability. Even employers are jumping on the credit-reporting bandwagon, using a potential employeeís 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 ďbuildĒ 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.
  • Donít apply for new credit. Every time a consumer applies for a new credit card, their credit report takes a ďhitĒ and their credit score lowers a bit. It also is wise not to close credit accounts which you arenít 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.

When Can I Get a Bankruptcy Off My Credit Report

Filing for bankruptcy in order to deal with overwhelming debts can be a frightening and confusing prospect. But if you're among those who have opted to use this approach in order to turn a troublesome financial picture around, you're probably wondering ...

Published:  Mon, 21 May 2018 07:42:00 GMT



Consumers with Bankruptcies, Tax Liens, or Civil Judgments on Their TransUnion Credit Reports May Be Affected by a Settlement

TransUnion agreed to settle litigation claiming it included inaccurate public records on its credit reports and failed to disclose the vendor from whom it obtained public record information. TransUnion denies that it did anything wrong. If the Settlement ...

Published:  Mon, 21 May 2018 07:11:00 GMT



F&D Reports / Creditntell Release 2018 Store Activity &"¶

Crew Group, and provides each company's store activity, TTM EBITDA margin and credit ratings. The report also identifies those retailers that are growing their brick-and-mortar locations, including TJX, ALDI, Dollar General, Dollar Tree, Walmart ...

Published:  Mon, 21 May 2018 07:04:00 GMT



Build Your Credit Score By Having This App Report Your On-Time Rent Payments

Building your credit up from scratch or trying to recover from a few screwups that made your score drop takes time. Making on-time payments on your loans and credit cards are a good way to do that, but your credit score doesn't take into account one big ...

Published:  Sun, 13 May 2018 05:52:00 GMT



'Free' credit report scam

Joel Hesch spent 15 years as an attorney in the Fraud Section of the Department of Justice helping administer the national whistleblower reward program. He is the author of "Whistleblowing: A Guide to Government Reward Programs: How to Collect Millions of ...

Published:  Thu, 10 May 2018 07:27:00 GMT



How requests about your credit report can hurt your score

A. We're glad to see you're paying attention to your credit reports. You want to make sure they're accurate because of the direct effect they have on credit scores, the ability to obtain credit and in some cases, the interest rates that come with it.

Published:  Mon, 05 Mar 2018 13:17:00 GMT



Credit reporting vital to bad loan management-CBAN

The Chairman, Credit Bureau Association of Nigeria, Mr. Tunde Popoola, says proper and timely credit reporting plays a significant role in managing or mitigating credit or operational risk in the economy as a whole. He said the system was an enabler to ...

Published:  Thu, 05 Apr 2018 09:12:00 GMT



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