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How to maintain a good credit report?

By Derek Brown
Published: Friday, December 25th, 2009

In present time of economic recession it is really important to maintain good credit report as you may be in need of credit anytime. A good credit report is your only tool to bag-in the loans at optimum rate of interest. A good credit report makes you eligible to buy insurance policy at discounted prices and grab a good and decent job. Also, you may face difficulties in investing your money. A good credit report also enhances your purchasing power. This is because you have credit worthiness you, can easily buy things without having to bother much. In case you want to enjoy all these benefits you ought to maintain good credit report. 

Good credit report is a great asset and one must strive hard to maintain it. There are many ways of maintaining a good credit report. Some of them are listed below:

  • Minimize the debts: you should avoid taking loans until and unless it becomes impossible for you to do away with this option. In case you have already many loans in your name try and consolidate them with one lender. This will help you reduce your list of creditors and enjoy the benefits of good credit report.
  • Monitor your credit report: it is advisable to monitor your credit report one in six months. Make it sure you cross check every entry on the credit report. This not only helps you know your exact credit position but also safeguards you against the growing menace of identity theft. In case you find some errors in your credit report, bring them in the notice of the concerned authorities immediately. You should also know that any red mark can occur in your credit report for seven years. In case if it is still appearing, get it rectified immediately.
  • Don’t over use your credit cards: it is really important to limit the use of credit cards. The excess use affects the credit report adversely as the amount outstanding is considerably high. In case you have dues try and pay them off as soon as possible to kick your credit score considerably. Try and save as much as possible and use the amount for paying of the debts.  

With these sure shot techniques you will be able to maintain good credit report which in turn will help you lead a comfortable financial and social life.

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