Credit Rating Repair Strategies Revealed

If you have a history of missing payments on loans and other debts, your credit rating will have taken a nose dive. The good news is that it is possible for you to build this back up again.

Bankruptcy also adversely affects your credit rating and it takes years to get those black marks off your score. If you have a lower score, you will pay higher interest on credit cards or any loan.

Your credit score is assigned to you based on data that is collected from three credit agencies. The scores vary slightly between agency as they all have slightly different calculations that they use.

In order to raise your score, you need to know if the information they have on you is accurate and up to date. You can find this out by getting a free report every year at AnnualCreditReport.com. This site was set up by the federal government ensuring everyone can get a free report of their credit history.

There are other places you can get your credit report but they may charge you, therefore always check the fine print carefully.

Read carefully through your report and look for errors that you can prove are not correct. Are there accounts listed that are already closed? Or missed payments listed that you know you made?

Also check for identity theft - has someone else been racking up bad credit on your name? You can get your FICO score by paying $15.95 to MyFico.com.

To raise your score, you simply need to do everything right and on time, especially all your bills as these make up around one third of your FICO score.

If you are really late with your payments the worse it will affect your score. Closing these accounts after they are paid off doesn't erase the score either; nor does it make the score raise any faster.

Your Score is also affected by your total debt. Switching debt to new credit cards has no affect, the debt needs to be lowered. The amount of your total allowable credit you are using will affect your score.

If you have been using credit for a long time, you will be treated differently to a new credit holder who would be advised to start with only a small number of accounts initially. Building a good score revolves around building proof of your ability to service your debts.

About the Author:
Jared Wright is the webmaster for the free learning community site, Clivir.com. Visit the links below to read more about related debt relief issues including what is debt consolidation and credit card debt relief.

Article Originally Published On: http://www.articlesnatch.com

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, credit card debt relief

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