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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.

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Published:  Sat, 19 May 2018 03:23:00 GMT



Credit reporting vital to bad loan management-CBAN

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



Police report rash of credit card fraud

POCATELLO, Idaho (KIFI/KIDK) - Pocatello Police say they are seeing a large number of victims of fraudulent credit card accounts this month. Police say there are some basic steps victims should take to clear up an account and your credit history.

Published:  Wed, 21 Mar 2018 19:38:00 GMT



Break Up the Credit-Reporting Racket

Disreputable corporate executives nationwide are bowing in thanks for Equifax, the credit reporting bureau responsible for the most damaging data breach in American history. Hackers stole Social Security numbers, birthdates, addresses, credit card and ...

Published:  Tue, 12 Sep 2017 03:02:00 GMT



Lawmakers push credit report legislation after Equifax breach

Lawmakers are putting forward legislation to catch and correct credit reporting errors in the wake of the massive Equifax hack in which the personal information of 143 million Americans was stolen. Democratic Sens. Brian Schatz Brian Emanuel Schatz Trump ...

Published:  Mon, 11 Sep 2017 20:24:00 GMT



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