Articles & News About Your Credit

How to Repair Your Credit

If you have bad credit, you know how it can be a nightmare. A bad credit score can negatively affect your life in many ways. The national credit score is about 675. People with better credit scores can get the best interest rates on loans. Those with lower scores, however, may have to pay higher interest rates and provide additional documentation. A low credit score also makes it difficult to get a credit card. People with bad credit not only have to pay higher rates but also have lower credit limits on their cards. A low credit score can also affect you in unexpected ways. For example, employers are generally allowed to check the credit score of prospective employees. In addition, landlords, with your consent, can use your credit score to decide whether or not to rent to you.

But how can you repair your credit?

Get a yearly copy of your credit report to catch any errors. The three nationwide consumer reporting companies, Equifax, Experian, and TransUnion, have set up a website, www.annualcreditreport.com, to request your free credit report. If you find an error, you can file a dispute online, by phone, or by letter. The credit bureaus are required to respond within 30 days and correct the mistake. Free credit reports are available once every 12 months.

Pay all of your bills on time. Payments that are more than 30 days late can lower your credit rating.

Avoid bankruptcies, tax liens, and collections. Bankruptcies stay on your credit report for up to 10 years. Even if you pay off tax liens and collections, they stay on your record for up to 7 years.

Call the creditors and arrange a repayment schedule that fits your budget. Be sure, though, to make these payments on time. Skipped or lower payments will still be reported against you. If youre uncomfortable calling creditors yourself, consumer credit agencies are available to help you.

Keep the balance on your credit cards low, preferable under 25 percent. In addition, try to pay off the balance at the end of the month. This can improve you credit score substantially.

Open up a secured credit card. You will have to keep a designated amount of money in an account that will be sufficient to cover your charges. Make sure to pay off the balance on this card each month.

No matter what you do, repairing you credit will require time. For more information, visit ECreditDeals.com

Greg Chan is a finance expert and the author of several articles on credit. For more information, visit ECreditDeals.com

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