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The Criticality of Improving Credit Scores

By Ruth Racey
Published: Friday, March 29th, 2013

Bad credit scores when not acted upon will stay longer and further repair the credit score if you do nothing about it. There are various ways by which you can repair your current bad credit score or improve your credit score. For you to be successful in changing the score you have to be persistent. One of the ways of achieving this is by getting copy of your credit report. Credit reports have all the accounts you have and if there is anything wrong, the credit report will reflect it. If you carefully examine them, you will be able to identify them. It is very important to know what you are dealing with before you can make any kind of improvements.

It might appear to be a lot of work but, this is necessary to ensure you have and maintain a good credit rating. Any small mistake on the report could give you a low credit score and cost you big loans. Once you find any error make a record of this and send it to your creditors. They will then go through the report with the spotted errors and correct/ update it. There is a form that you can fill to indicate any error you could have found in your credit report. Just don’t leave it at that, you need to follow up persistently till the report gets updated with the correct information.

Simultaneously, once you identify the things that are making you have a bad score, start working on them. The common mistake people make is not paying their creditors on time. This mistake can easily be changed by asking your bank to make deductions before you are due for payment by initiating a standing instruction. The other way of doing this is by having your own reminder. Once you start paying creditors on time you will develop a good credit history which will increase your credit score. A good history accounts for about 30% of your score. If for any reason you could not pay the bill on time make sure you pay the creditors later and negotiate with them to write a good report. You should do this before you pay the money otherwise you will be stuck with a bad report. This way your credit score will not be compromised.

You can also improve your credit rating by opening up a savings account. A saving account usually shows the creditors that you are not only getting credits but also saving some money

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