Improve Your Credit Score and Report With Nine Tips
By: Rudy Silva
Submitted: 2009-02-05 17:51:03 | Word Count: 659
The economy has now changed and many people are suffering loss of jobs and decrease in income. If you find yourself in this position, most likely your credit status will suffer. Now is good time to take a look at your credit and start doing some credit score repair.
Start working with the three main credit reporting agencies. They contain all your financial activity and personal information. Many times this information is in error and has other people’s information in your reports. Here are some tips to get started.
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1. First, contact all three credit agencies for you free yearly report. You should get these reports with 30 days.
2. Once you receive these reports, check the credit bureau scores. This is your personal credit score that you want to improve. Now, check each bureau’s report for errors. Make a list of errors you find in each report.
3. Look for simple errors. A simple error can be a wrong spelling by one letter of your middle name. Don’t over look any error. Then in a letter to the agency, list three of these types of errors and indicate why they are errors, and that you want them to be removed immediately. Every month submit another letter pointing out errors.
4. Look at your credit report for credit accounts that are over seven years old that have a bad payment history. By law these accounts should not appear on your report. Write to have them removed.
5. Any late payments or accounts that you did not pay will show up in your credit report. For late payments, call the lender and see if they will have them removed from your reports. Tell them you are working to make payments on time to improve your credit score.
6. Each month do something to repair your credit and improve credit score. Work on only one account per month. If you letter doesn’t help to remove the account, write another letter 2-3 months later.
7. If you need professional help, a credit repair lawyer can advise you on legal credit repair services and methods if you run into problems.
8. If you are having problems paying some of your bills with credit cards or bank loans, contact your lender and see what you can work out. Lenders are also suffering from the large number of defaults and many are willing to restructure loans to help from defaulting.
9. As you work on your credit, keep your present financial activities clean and up to date. Don’t make late payments or overdraw on your credit cards.
Protecting your credit score should be one of your main financial goals. Your credit will determine what you can buy on credit and what interest rate you will be charged. Also, do your borrowing and payments with the idea of “improve credit score.”
To start rebuilding your credit, apply for a prepaid credit card or a bank card that is backed by your saving account. When you use this card, buy the goods you normally buy and then pay off the card within a week. Keep the card balance low and this will help you build your credit back up. These are the nine basic tips that can get you started in rebuilding your credit report and score.
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