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Credit Report & Credit Score; Credit Repair, Debt Management > Credit Report > Four powerful tips to maintain a healthy credit report

Four powerful tips to maintain a healthy credit report

By Ruth Racey
Published: Tuesday, April 27th, 2010

A credit report is a list of transactions that have taken place in your financial life. It can be requested by any creditor whenever you go out to get yourself a credit account. And your interest rates depend solely on your credit score and your credit history. Hence it is very much important that you maintain a good credit report.

What are the ways of ensuring that you have a good credit report?

The most important step is to ensure that you keep track of your transactions. Set aside a time slot to review your financial situation and also your bank statements. Frequently checking your statements also ensures that you are not a victim of identity theft like credit card fraud or debit card fraud. And as soon as you receive your bills, it is prudent to pay it without delay. This way you can keep track of what is going on with your financial life.

Always ensure that you do not max out your credit limit. If you do so, your credit score will go down and you will end up paying more interest on your credit accounts. And it will also be tough to open new accounts. This is a tough call to make given that though you do not need the credit money, you are tempted to buy using your credit card because of all the offers and discounts that you get out of it. But the simple rule to follow here will be to make sure that you do not spend more than 80% of your credit limit every month. And just before you go to open a new credit account, try to ease of on credit card spending for at least a few months.

Pay up all your dues without delay. Any dues will reflect very badly on your report and will show up for a long time on your credit history. And if there are any unwarranted transactions in your bills, report it immediately to the credit reporting agencies. There are three agencies namely Equifax, Experian and TransUnion. Call any one of them and ask them to flag your credit report, this way your report will remain untarnished even if any transaction takes place after the complaint.

And lastly, keep in touch with your creditors. You can always renegotiate the terms of payment with them. Instead of just letting the due date pass, you can contact them and ask for a revised payment schedule. This way though you may pay more, you can be sure that your credit report does not get affected.

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