A key to improving your financial situation is to understand your credit report. These tips will help you to understand what information is on your credit report.
- Review your credit report annually to see if the information on it is actually your information.
- Make sure the name, social security number, birthdate and address listed is correct.
- Review the items listed carefully and report any discrepancies to the credit bureau immediately. You will have to notify each credit bureau (Equifax, Experian, and TransUnion) of any errors in writing. Visit their websites for specific instructions on how to dispute the item(s) shown on your report.
- Your credit score is affected by making your payments on time, paying the amount that is due, the length that you have had credit and if you have new credit.
- You can improve your credit score by paying your bills on time, getting current on your bills and staying current, keeping balances low, paying off debt, and spending only what is in your budget. Paying off a collection will not remove it from your credit report. Credit information can stay on credit reports any where from seven to ten years.
Improving your credit score will get you better credit offers and lower interest rates. By improving your credit score it will help you financially and make your finances less stressful. You will have fewer bills and be better budgeted!