- 1). Get a copy of your credit report from all three major credit reporting agencies. Visit Experian (www.experian.com), Equifax (www.equifax.com), and TransUnion (www.transunion.com) and request a free copy of your credit report. By law, these organizations are required to give you a free copy and allow you to request discrepancies be corrected.
- 2). Take a good look at all of your credit reports. If there are any late payments, missed payments, or non-payments reported by any company, then dispute them - whether they are correct or not.
- 3). If your credit score is at the low end of the scale, you will need to find ways to build credit. The best way to do so is through obtaining high-interest rate credit cards, making a purchase, and paying them off immediately. By making payments, you will establish a better credit rating.
- 4). If you have late or missed payments with creditors, make sure you talk to them. In this economic climate, they will usually negotiate with you. In fact, most creditors will allow you to pay back pennies on the dollar rather than walk away from your debt altogether. The truth is that the only hold they have on you is your credit card, and they know that you know that you can walk away from the debt. So, make them an offer and demand that they correct your credit report to show that you have paid them in full, on time.
- 5). Many people will tell you that checking your credit report will be reflected in your credit score, but that is not true. You can check your credit report as often as you want without a drop in your score. However, if there are repeated requests for credit, that will be reflected on your credit report. So, try not to apply for too much credit, especially credit cards or loans that you already know you won't get. Every time someone else checks your credit, your credit score will drop.
- 6). The best way to get your credit score back up to an acceptable level is by obtaining small amounts of credit and paying it off immediately. Do not close any accounts completely, just make small purchases and pay them off. By showing constant action and constant repayment, your credit score will begin to rise. This all takes time of course, and it can take up to a year or longer to raise your credit score, but in the end, it will be worth it.
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