Improve Credit - Restore It Now

May 31, 2010 - PRLog -- Are old or irrelevant payment histories keeping your credit score down, making it hard or impossible to get the credit you need and deserve? You’re not alone; more than 110 million Americans have delinquent accounts reporting on their credit history. The good news is: you don’t have to live with low credit scores; you can improve credit and improve credit score.

Unfortunately, most Americans who have been hit with financial hardships feel overwhelmed by their situation and give up hope to improve credit. Often times they are too embarrassed to seek help, and go through life unable to get the car or home they desperately want and need. But, if you are willing to put in a little time and effort you can get your good credit rating back.
Steps you can do to improve credit.

If you want to improve credit ratings there are some basic steps that you must follow. None of the steps are difficult; they just require you to take an active role in the repair process to rebuild credit.

1. Order your Credit Report: You have to know what is showing on your credit report before you can take steps to fix the problems. There are three credit reporting agencies, and all three score on a slightly different scale. You should request your credit history from all three reporting agencies, a report containing all three bureaus is commonly referred to as a “tri-merge report.” You can order your credit report online from one of many websites. The fee is usually around $10. This is not a lot of money when you’re talking about an improve credit score.

2. Request that old and incorrect information is removed: When you review your credit report you might find accounts listed that have inaccurate information. You need to have those accounts removed. To do this you notify the reporting agency, in writing, the name of the account, and provide the reason why you are disputing the information on record. You must then ask to have that record deleted from your credit history. It generally takes 45 days for the agency to remove an account that you dispute.

3. Negotiate with your lenders: If you are presently past due on any of our obligations, do not hide from the lender. Lenders do not want to write off an entire account, they will – more times than not – work with you to find a reasonable solution. When finalizing an agreed upon plan, always ask your creditor to report your account as “paid as agreed”.

4. Keep your credit cards open: One of the factors in your credit rating is your “available credit”. When you close credit cards with no balance you could be altering your available credit to balance ratio. If you’re your balance are over 50% of your available credit it will negatively affect your scores.

5. Keep older accounts open: Long standing credit is also important, never close the revolving credit cards that you have the longest relationship with.

Take the time to follow these five simple steps to improve credit scores and start the credit restoration you deserve.

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