How to Fix Your Credit

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If you want to bump up your credit score, you'll find some credit-boosting tips in this article.

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A person’s credit becomes the picture into their lifestyle the more it develops. This is why there is so much attention to it when they try to obtain a loan or apply for financial assistance. The difference between a low score and a high score can be the difference of thousands of dollars over the course of a year. If you have a credit score that is less than desirable, there are some things that you can do to fix your credit score.

Understanding the Three Credit Bureaus

Experian. They got their start in London by a man that would report people that failed to pay their bills on time. As a result, three men started the Manchester Guardian Society in 1827 and would later become known as Experian. They use the FICO credit score method to determine a person’s score. If you subscribe to their protection plan you will have access and protection to your own score.

TransUnion. They started out as a holding company for another business. From their they got into credit reporting. They have become a favorite of consumers since they are willing to notify the other reporting agencies of any fraud on your report.

Equifax. For the past 125 years Equifax has been monitoring credit scores. They also help protect a person’s credit score by offering identity theft protection. They also sell credit reports to company’s seeking new consumers. They have also been known to offer FICO scores and VantageScore credit scores to people for a fee.

Reasons Why You Credit Score is Low

A low credit score is a big deal to every person. A low score can be rather embarrassing to a person trying to buy a car or apply for a loan. Especially if the loan is turned down because of a bad score. In order to fix your score, it would be helpful to understand what can make it drop. Here are some reasons why your score can be low.

  • Late payments that are more than 30 days late can lower your score.
  • Expensive purchases can lower your score for a set period of time.
  • An unpaid debt that was sent to collections will lower your score.
  • A negative comment was made on your report.
  •  Opening a new line of credit can affect your score.
  • A change in debt to balance ratio will lower a score.
  • Closing a credit account will affect your credit score.
  • Bankruptcy will affect your credit for up to seven years after the initial filing.

It all comes down to good financial management skills. Lenders and creditors want to see a pattern of good financial skills.

Repairing and Disputing Charges on Your Credit Report

Fixing your credit report really is not hard, but it will take some time. And most likely you are going to be the one that will handle the workload. The path to fixing your credit report and improving your score really is just the opposite of how to destroy your credit score.

  • Pay your bills on-time.
  • Do not close down older credit accounts.
  • Avoid opening any new accounts and credit inquiries to your report.
  • Keep debt to balance ratio low.

If you suspect any errors, then here are some things for you to do.

  • Know what is on your report. Flag any suspicious accounts.
  • Write to each credit agency and inform them of any errors. Each credit reporting agency will have to be notified separately.
  • Incorrect reporting has to be reported. You will have to provide proof of on-time payments so keep records.
  • Be respectful at all times. What you will find is that a negative person will not receive the help they need because they have a bad attitude.
  • Enlist the services of a credit repair agency.

Fixing your credit is not hard, but it will take time. Every agency will require a certain amount of documentation to be handed in before any repairs can be made to your report. Turning in every document in a timely fashion will help speed things along.

Credit Karma

Fixing credit takes time and unfortunately money. But Credit Karma can help save you money. You can view your credit scores for free and even monitor them yourself for free. In addition, they also can help you find the right credit card or lending agency that will give you the best rate and services. All of this is yours without a single drop in your credit score.

They can also help you find loans for next car purchase, loan and even home mortgage loan. They want to help you get the most out of your credit score. There are no catches to what the site does. They simply have developed a free way for a person to see their credit score before the lender does. They can make changes and report any suspicious activity within minutes by keeping on top of their own credit score.

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About the AuthorCharles at infoSpike

Charles is the founder of He enjoys real estate investing, marketing, and personal finance. Read more about Charles here.