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-Five Tips to Make Your Credit Record Sparkle-

Posted On : Jan-31-2012 | seen (855) times | Article Word Count : 652 |

After the past few years of a tough real estate market and even tougher unemployment rates, many people have suffered unfortunate negative marks on their credit records. Read on for five simple ways to polish up your credit and enjoy the benefits of access to lower interest rates and other savings.
After the past few years of a tough real estate market and even tougher unemployment rates, many people have suffered unfortunate negative marks on their credit records. Read on for five simple ways to polish up your credit and enjoy the benefits of access to lower interest rates and other savings.

1. Get your free credit report from each of the three major credit bureaus. Even though you may hear all kinds of advertising for "free" credit reports, only one entity will provide you truly free credit reports, once every 12 months. The website, AnnualCreditReport.com, is the only way to go to Transunion, Equifax and Experian to get your free annual credit record. You will not be able to get the free report if you go directly to the credit bureau websites. Keep in mind that these reports show all of your credit history, but do not include a FICO score. You will have to pay a fee to obtain your score.

2. Review all of your monthly payment accounts and know which ones affect your credit. For many people, monthly bill paying is a continual juggling act, and each time you may need to pick a different bill to pay late. From looking at your credit reports, you will be able to see which companies report late payments every time, which ones only report late payments some times and which bills do not even show up on your credit record. For example, the only way utility bills typically show on your credit record is if you leave an account open and never pay off the balance. Late payments, as long as they eventually get paid, do not show up.

3. Review each of your credit reports and look for errors and information that should be removed. Each credit bureau records your information in a slightly different manner, and you could find errors on one bureau's report that do not show up on the others. You have the right to dispute any errors or information you feel is not yours. Sometimes another family members information could easily get confused with yours. Your credit reports will also tell you how long certain negative records will continue to show up, and you could find that a legitimate negative mark might disappear from your record in the next year or so. This can help you evaluate and plan for the proper timing if you want to apply for a loan and need an improved credit score.

4. Learn as much as you can about laws that pertain to credit card balances and collection efforts. Many credit card companies contract out their collections to firms that specialize in hiring aggressive people to harass you in an attempt to get the debt repaid. These collectors take advantage of the fact that most people are not aware of what is legal and what is not, in terms of collection efforts. Having collection agencies call you is stressful enough; know your rights and understand how the laws protect you when your account is in collections.

5. Keep all of your credit card balances under 30% of your maximum credit lines. This might be difficult while you are paying down debt, but make this a goal once you get things paid off. The credit bureaus base your credit score in part on how much available credit you have. Why? Because people that find themselves in financial trouble usually max out their credit cards.

Now you have some weapons in your arsenal against creditors and black marks on your credit report. For the most part, the steps above cost you nothing but a little bit of effort, and once your credit report is cleaned up you can breathe a sigh of relief. Choose just one of these steps, and work towards an improved credit history today -- your wallet will thank you for it.

Article Source : http://www.articleseen.com/Article_-Five Tips to Make Your Credit Record Sparkle-_141382.aspx

Author Resource :
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Keywords : Credit report, credit score, credit bureaus, late payments, bankruptcy, foreclosure, foreclosure help, credit card, home sale,

Category : Finance : Credit

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