This week we have a great article on how to improve your credit score. Credit is one o 7 Steps to Improve Your Credit Score
- Make sure your credit reports are accurate - The first step to improving your credit score is checking your credit reports for errors. You can obtain all 3 reports (Experian, Trans Union, Equifax) for free at www.annualcreditreport.com
- Stay current with payments - Your credit score is basically a reflection of your ability to repay your debts responsibly. Creditors view an established history of timely payments as a good indicator that you will handle future debts in a timely manner.
- Be mindful of your credit card utilization rate - Credit utilization is one of the key factors that influence your score. This is the percentage of your credit limit you are accessing at a given time. Your ideal rate may vary depending on the scoring system used, but generally going over 30% revolving credit utilization can start bringing your score down.
- Leave old debts on your report - Having an account with a long history and a steady record of paying bills on time can keep a score from going down. In addition, your score can improve as future payments are made.
- Investigate consumer score-boosting programs - FICO, Experian, and Finicity have credit boost programs in different stages of development. Experian_Boost is currently up and running. Experian Boost is completely free and can increase your credit scores fast (within 24 hours) by using your own positive payment history.
- Resolve any collections accounts - Contact the debt collector listed on your credit report to see if they’d be willing to stop reporting the debt in exchange for full payment. If you do not recognize a certain debt, or it appears inaccurate you can dispute it with the credit bureaus. You may be able to have it removed, which will improve your score quickly.
- Monitor your credit - Monitoring your score changes every few months can help you understand how well you’re managing your credit and whether you should make any changes. Many services are free such as www.creditkarma.com
Should you have additional questions feel free to contact Steven Burman at Credit Advisers LLC Have questions answered directly by calling 781-400-9838 or e-mailing firstname.lastname@example.org Another great way to connect with Steven is on his Linkedin.com Page