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Fix Your Bad Credit Report

By Ruth Racey
Published: Wednesday, June 23rd, 2010

Having a bad credit report can drastically affect the things you are able to do in life. It can keep you from getting a new car, a house, furniture, and sometimes even getting an apartment or job. This is, however, the situation many people find themselves in every year. You miss a payment or can’t pay a bill in full, and before you know it, you have a very low rating and can’t get credit anymore. So, what can you do? Here is some information to help you fix your bad credit report.

One myth about credit is that if you close your old accounts, it will help you improve your credit rating. This is false, as long as your old accounts are in good standing, it is best to keep them open. This provides you with a long history of having good accounts and good reports. The long history and good payment history on those accounts could be a huge benefit to you in improving your credit report.

Sometimes you’ll have things show up in your credit report that aren’t even yours. They could be fraudulent or belong to someone else with a very similar name. Look at everything on your credit report and make sure that it is reported correctly and actually belongs to you. If you find something that isn’t yours or isn’t correct, open a dispute with the credit reporting agencies. It is free to do and available to any consumer that wants to dispute what’s in their report.

Another thing to do is to live within your means. This means not going out there and purchasing a car you know you will never be able to pay off. Live within your means. Yes, we all borrow, but borrow responsively. If you know for a fact you will never be able to make the large monthly payments every single month, look for a lower priced option in whatever it is you want to purchase. If you start missing payments, it will affect your credit report badly.

They will only take your financial situation into consideration for a short period of time before companies will start reporting to the agencies that you are delinquent and unpaying. If you find that you are just forgetful when it comes to paying your bills, try setting up your accounts to be automatically payed every month. This will save you a lot of time and frustration every month when bill time rolls around.

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