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Useful Tips for Credit Reports and Credit Scores

By Karen Anderson
Published: Tuesday, January 5th, 2010

Understanding Importance of a Credit Report

People who apply for a credit card, a loan for buying a house or a car, or a type of credit to use in purchasing large amount of commodity or service, are reviewed of their credit report by a potential lender. Information or data shown on credit reports are collected by Credit Bureaus or also known as Credit Reporting Agencies (CRAs) from merchants, lenders, landlords, and the likes, and then sold to businesses to evaluate customers.

A credit report is a summary or record of information about how a person pays bills and how he or she repays loans, how much credit he or she has available, what are his or her monthly debts, and other types of information. These record or summary of information are used or can be used by a potential lender to decide whether a person applying for a loan, credit card, or the likes are a good credit risk or a bad credit risk.

Credit reports show how a certain person pays his or her bills, if it’s on time or not, or if that person has a lot of debt. These things that credit reports show affect whether a person applying for a loan would be granted of his or her loan or not. With this information found in credit reports and an array or criteria helps lenders to make sure they arrive at a good decision.

Credit Report Tips

Credit report tips are tips or suggestions that people, especially those who are about to apply or are currently applying for a credit card or a loan, could do in order to boost their credit scores. Credit score, it is a three digit number that determines whether a person, applying for loan, etc., can be granted of such things and to what amount of money will it cost that person.

Some More Helpful Credit Report Tips:

First suggestion or tip to boosts a person’s credit score, is to improve his or her credit-worthiness. To improve a person’s credit-worthiness or credit reputation he or she can remove some erroneous information on his or her credit report.

Most credit reports are filled with errors. These errors are information found in a person’s credit report that can affect that person’s credit reputation. Errors like account by another person with the same name, or information about an unemployed and debt-infested brother, though are harmless these errors can still affect a person’s credit reputation, so removing these is advisable.

Another credit report tip that could help boost a person’s credit score is to pay bills on time. Bills that are paid late, accounts referred to a collection agency and declaration of bankruptcy affect credit scores. So paying bills on time is a must.

Another credit report tip, in line with improving credit-worthiness or credit reputation is to get a free offer on credit repair.

All these credit repair and other useful credit report tips are all found in the internet and are all just a click away.

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