11 Steps to Improving Your Credit Score

1. Be sure that your credit score is based on accurate information.

You can access your free credit report at www.ftc.gov/credit

2. Report any false information to the appropriate credit bureau.

When negative information in your report is accurate only the passage of time can assure its removal. Do all the accounts belong to you? Are there any accounts reported as late or not paid that you know were paid as agreed? Do you have negative reports from longer than seven years ago (ten years for bankruptcy)? If there are any accounts that are not reported accurately, contact the reporting agency immediately. They are required to investigate the account in question and come to a conclusion within thirty days.

Under the FCRA (Fair Credit Reporting Act), both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correctiong inaccurate or incomplete information on your report. To take advantage of all your rights under this law, contact the consumer reporting agency and the information provider.

3. Pay your bills on time.

Accounts that are paid late by thirty days or more can show up on your credit, and that can really hurt your credit score.  Most creditors don’t report late payments to the credit bureaus if they are paid before the next billing statement, but you should always pay them on time anyway to avoid getting hit with default rates. It’s less damaging to your credit score for one account to have late payments than for several accounts to have one late payment. In other words, if you have to pay something late, the late payments should always go to the same account.

To Be Continued…….

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