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Ways to Improve Credit Scores and Report Discrepancies
There are several ways to improve your credit score and account for any discrepancies that may harm your credit.
September 18, 2011 /Law and Legal PR News/ -- Ways to Improve Credit Scores and Report Discrepancies
Credit is something many consumers take for granted until they're denied it. The paradox with credit is that, typically, you must have good credit before you can obtain more of it, something some would-be borrowers don't realize until it's too late. If you're in the market to improve your credit for any reason, the first thing you should do is request a copy of your credit report from each of the three credit reporting agencies.
If your credit score is lower than you'd like, there are steps you can take to improve your credit and increase your score. First, with over a third of your score dependent upon your payment history, making timely payments to creditors is key. Late payments, whether to credit card companies, bank loans, or the utility company, can have a negative impact. If necessary, set up payment reminders or auto-debit payments from your bank account to avoid making late payments.
The second-most important factor in calculating a credit score is the amount of money you owe. If you want to improve your credit score, try to pay off as much of your debt as possible. Use your credit cards less or not at all so you can actually pay them off and avoid struggling every month to make minimum payments. The total amount of money you owe is factored in to your score, as well as your debt compared to your income and the amount of credit card debt compared to your available limit on the card, so reducing your overall debt is important.
Additional factors considered in calculating your score are the length of time you've had credit, the amount of new credit you have open, and the types of credit you have. In most cases, it is wiser to stick with a few older credit cards and avoid opening new credit accounts if you can help it.
Finally, if you do find a discrepancy in your credit report, the first thing you should do is contact the agency that made the error and allow them to contact the credit reporting agency to correct it. If they fail to take appropriate action after a month, follow up with them again and contact the credit agency to report the problem.
Article provided by Charles R. Nettles, Attorney at Law
Visit us at www.cnbankruptcylaw.com
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