Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Score News, Tips & Advice « Credit Scores > Credit Score News > Credit scores falling? Recent news on increasing it

Credit scores falling? Recent news on increasing it

By Sally Maison
Published: Thursday, May 6th, 2010

PIP1-00045505-001The days when banks blankly considered the applications of people to provide them with a loan even if the information was false, are gone. 

The required rate to receive a good rate on mortgage was over six hundred, a few months before 2009. 

Now, the score hiked up to 720 or more making it the ideal score. Anybody looking forward to get a credit card or a home loan must have this desired number at any cost to get the best rates. If you need good rates, and if you feel you have low credit scores, here are a few things you could do to let your score climb high. 

Firstly, pay your bills on time. This being a significant factor can affect your credit score amazingly. 

Going forward there are three basic steps to follow. 

  1. Get your credit reports from one of the three big bureaus via Transunion, Experian and Equifax. This is to see what you need to improve on in your report. The federal law states that each one of these agencies must give you at least one report a year. And if you are denied credit anywhere, you can get a free report
  2. Research shows that most of the credit reports have one or more errors in them. Although you have been paying your bills on time without missing out on even a single payment, the reports may show a late payment which might be the cause of your low credit score. If you find an error, you may send a letter to all the three bureaus with proof of the errors. Once the letter is received, they start an investigation which might last for about 30 days. 
  3. Low credits might bring down your chances of getting your new home or might even cost you a lot of money, so it is important for you to keep your records clean. If the errors you find aren’t cleared even with the dispute that you send, then you must go to the collection agencies that report such information. Certified letters are the best to use while dealing with the collection agencies. You can ask the collectors by checking your debt and sending an agreement copy to you which has your signature. If this is not done, then you can get debt removed from your report legally.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.