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Improve Your Credit

Bad credit can lead you to missing out on buying a home.  It can cause you to be charged higher interest rates on loans.  Bad credit can rob you of your dreams and goals.  But how accurate is your credit report?  Have you ever looked into improving your credit score or working with a credit repair service company?  Before you answer, it’s important to understand credit and what is considered good credit.

What is a Good Credit Score?

In the United States, there are three national credit bureaus, Equifax, Experian and TransUnion.  Although most of the information collected on consumers by these bureaus is similar, there are some differences by each in the way the information is captured, stored and displayed.  Each one of the bureaus will determine a FICO score when evaluating a consumer’s credit risk.

These credit scores are typically used by companies to make decisions on whether to offer you a mortgage or a credit card. They are also used to determine the interest rate you receive on a loan or credit card, as well as the credit limit.  Good credit is considered between 680 and 749 while excellent credit is above 750.

Tips on How to Improve Your Credit

  1. Check Your Credit Report – If you haven’t already, request a FREE copy of your credit report and review it for errors.  Make sure there are no late payments or collection accounts listed incorrectly.  If you find errors, dispute them with the appropriate credit bureau.
  2. Reduce Your Debt – Lower your credit card balances by paying off as much as you can.  Stop using credit cards while you are paying them down and come up with a budget and payment plan until you reach your goal.
  3. Set Up Automatic Payments – Don’t worry about ever missing a payment on your loans or credit cards by setting up automatic payments.

If you’re not sure about your credit or would like to speak with a professional attorney-backed credit repair service, contact us today.  We can recommend a knowledgeable company who has experience with charge offs, bankruptcy, late payments, student loans, dispute code removal, collections, foreclosures, and more.