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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.

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KNOXVILLE, Tenn. (WATE) - If you have a credit card or have ever taken out a loan, then your credit history is part of a credit report. Do you know what's in that credit report or how often you should ...

Published:  Wed, 20 Mar 2019 14:52:00 GMT



How long does bankruptcy really stay on your credit report

If your debt has you feeling overwhelmed and you're considering filing for bankruptcy, it's important to consider all of your options before making a final decision. Bankruptcy can have a lengthy ...

Published:  Fri, 22 Mar 2019 05:21:00 GMT



Your Complete Guide to Dealing With Collections and Charge-Offs on Your Credit Report

Don't be intimidated or discouraged if you have collection accounts or charge offs on your credit report -- here's how to formulate a game plan for dealing with them. Image source: Getty Images. There ...

Published:  Sun, 17 Mar 2019 23:11:00 GMT



Watch out: Your private health app data may impact your credit report

It's a sad fact of our late capitalist world that data is one of the hottest currencies. Every move you make online-and sometimes off, too!-is likely being tracked in some way and then sold to the ...

Published:  Fri, 22 Mar 2019 04:25:00 GMT



11 reports of credit card fraud in Bossier

11 reports of credit card fraud in Bossier Investigators are currently working to determine how and where the theft of the account numbers, which are all from one local financial institution, occurred ...

Published:  Wed, 20 Mar 2019 10:42:00 GMT



Police reports: Weekend "Ę March 23-34, 2019

Theft. A wallet and credit cards were stolen from an unlocked vehicle on Sixth Avenue, it was reported at 8:08 p.m. Wednesday, March 13.

Published:  Sat, 23 Mar 2019 04:18:00 GMT



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