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How to Fix Your Credit Report

Posted in Credit Report on May 3rd, 2007

Living with bad credit is stressful but if you want to fix your credit report, there are several steps you can take. First, think positively about the solutions to your money problems – do not dwell on past failures and current debt. Then take the necessary actions to achieve a healthy credit report.

Here are some tips on how to fix your credit report. First, request a copy of your report from a credit bureau (it’s free) and promptly correct any errors you find in it. You wouldn’t want to be denied that job promotion or that loan application because of a simple inaccuracy in your report! When you discover a mistake, write to the bureau and ask them to fix it. You should examine your report at least once a year.

If there are bad marks on your credit report, due to outstanding debts, then repay those debts immediately. The debts with the highest interest should be your first concern. If you find your money troubles to be too great, then turn to a non-profit credit-counseling organization. A counselor can help you develop a debt-consolidation plan and even be a liaison between you and your creditors, negotiating debt reduction. You may be able to reduce monthly payments by as much as 40%.

Also, limit the number of credit card accounts you have. Only maintain the ones that are absolutely necessary. If you eventually develop a healthy credit history, you can take on more accounts if you wish, but even those with a high income will find that multiple accounts are a financial burden and end up trapping them in a nightmare of debt. It’s also important to preserve your total accessible credit on these accounts and to be aware of how much credit you have used so far.

On that same note, do not open multiple accounts at the same time – that will just set you up for an irresistible cycle of debt. The rule of thumb is: don’t open up credit accounts that are unnecessary. Usually, they will end up costing more than you would’ve originally spent if you’d never requested the credit in the first place. Furthermore, don’t think that closing an account will fix your problems. This will not fix your credit report. Taking the above steps to repair your credit score is the best coarse of action and you can do it.

How to Check Your Credit Report

Posted in Credit Report on May 2nd, 2007

When you are applying for a new credit card, or an extension of a credit or loan, your lender will review your credit report before granting you anything. So it is probably best to check up on your credit report as well. This way you can correct any inaccuracies and fix your credit report immediately. Ideally, you should check up on your report monthly, and even weekly, especially if you have made a large credit purchase.

Consistently checking up your report will help you to eliminate errors and mistakes easily. It is important that you are up to the task and fix your credit report when problems arise because otherwise, you may have trouble applying for a credit card or loan.

The way to go about keeping an eye on your report is to first get a summary of all your credit accounts and the total debt you’ve incurred. This includes the available limits and existing balances. Any inaccuracies you can then quickly rectify.

More importantly, by constantly reminding yourself of your credit report, you can budget and plan for the future. If you want to buy a brand new car or house, you need to make sure you’ll be easily granted the loan required for such expensive investments.

If you’re not willing to check your credit report that frequently, at least look over it thoroughly once a year. At the end of the day, it is up to the creditors to evaluate your report, so you only have control over correcting errors really. When a creditor does finally accept your account, they will then determine how much to pay you based on your credit history.

Credit history matters and things like bankruptcy and disclosure will be major factors. The national credit bureaus are responsible for collecting information for your credit history and they will indicate what accounts are overdue or late – they actually sell this information to creditors. Success for applications of car insurance, apartment leases, cell phone services and the like will all depend on their credit history.

Even if you think your credit history is good, you will need a copy of your credit report. You may find overlooked errors and compelling statements written on the report. Don’t be the last to know what’s in your file – get ahead of the game. Major consumer reporting companies can provide a copy of your credit report free of charge, so there is really no disadvantage to taking this step. If you fix your credit report, you may also end up securing a job promotion or loan application that you otherwise may have lost based on a silly error.