Improve Credit Report, It can be done!
You can improve credit report scores yourself. It will take time and persistence. This article has some insight on how you can clean bad credit on your own.
How do I get my credit report?
In order to improve credit report scores you need to know what is on your credit report. Equifax, TransUnion and Experian are each required to supply a credit report for free each year. There are three ways to do this:
1. Go to www.AnualCreditReport.com.
2. Call (877) 322-8228.
3. Go to www.ftc.gov/edu/resources/forms/requestformfinal.pdf and fill out this form and send it in to: Annul Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348.
There are 5 areas you need to look at to improve credit report scores.
1. Your Payment History is the most critical to improve credit report scores. Late payments can be detrimental. Make payments on time. For delinquent accounts it is best to be pro-active. Most companies will work with you to make payment arrangements and reduce late payment reports. If too serious, you may want to contact a legitimate, non profit credit counselor. Avoid the quick fix scam artists.
2. The amounts you owe are the second most critical to improve credit report scores. If your debt-to-credit-limit ratios are high, this will drive your credit report score down. Pay down your credit cards and avoid using them.
3. The length of your credit history. Only time will help credit histories less then three years. Manage finances wisely and do not open a lot of new accounts.
4. The types of credit you are using. A balance of both credit cards and installment loans can help your credit report if the credit cards are used wisely.
5. New credit. Multiple credit inquiries in a short time can hurt your credit score. Checking your own score will not lower your score.
One and two make up 65% of your credit score. Three through five make up the remaining 35%. Properly managing these will improve credit report scores.
You can improve credit report scores by monitoring your payment history, reducing the amounts you owe, properly spreading out the types of credit you are using and avoiding new credit.
Make your payments on time, be proactive on delinquent accounts, contact a counselor if needed, pay down balances, and avoid new accounts, especially if you have credit problems in the past. Improve credit report scores, it can be done.
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