Steps You Can Take To Raise Your Credit Score

Steps You Can Take To Raise Your Credit Score

Having a bad credit score can be expensive. Your score is not just an arbitrary number that you can ignore. Lenders use your score to determine if they will lend to you and, if so, how much interest you will pay on the loan. Employers may use your credit score to determine whether or not they should hire you, especially if your job requires you to handle money or personal information of customers. A car insurance company may even use your credit score to determine how much to charge you to ensure your vehicle. All of these situations require you to have a decent credit score, but what if you don't have one?

Although you may think that you have good credit, when is the last time you actually checked? Just because there is not a collection company hounding you does not guarantee good credit. As a matter of fact, it is not uncommon for a credit report to contain factual errors or erroneous accounts that weight its score down. Could you be a victim of these questionable credit reporting practices? Interestingly enough, most consumers are and do not even realize it.

The good news is that a poor credit score can be fixed. The first steps is to obtain your credit reports and go over them with a fine toothed comb, looking for information that can be weighing your score down. The second step is to correct any personal information and delete any old, non current, information. The third and final step is to alert the credit reporting agency and the reporter of the error. The reporter will have 30 to 45 days to correct the entry, or else the agency will have to remove it. Be careful, though, as you don't want to go around deleting good accounts!

Remember, a "good" credit score is not the final goal. The true goal is to get the best score possible. Each time your raise your score, you have the possibility of lowering your interest rate by several points, which can save you hundreds of thousands of dollars over time. You should check your credit report at least once a year to remove bad information and make sure that all of your accounts are reporting correctly. Doing so will improve your chances of getting a mortgage, a decent interest rate on any loan that you receive, the jobs that you want and even a good car insurance rate.

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