Can You REALLY Change Your Credit Score?
Have you ever wondered whether or not you can really improve your credit score? Are all these companies just another scam? Well you are not alone in asking these questions. Keep reading for some Credit Repair Secrets you can use to Improve your Credit Score.
What you don't know CAN hurt you!
After doing a little research on this, I can tell you that YES it might be possible to raise your credit score. For example, if you have outdated entries on your credit report, then you can ask the Credit Reporting Bureaus to remove it. That could end up raising your credit score. There are also other things you can legally do to raise your credit score. Here knowledge is power! How Does It Work?
In very simple terms, your credit information it collected by the Credit Bureau also know as a Credit Reporting Agency or Consumer Reporting Agency. They function as a central repository of credit and collections records, payment history and certain legal information on consumers and businesses. That information is sold to people or businesses that grant and lend credit whenever a consumer or business applies for credit. Who Are They?
There are three major credit bureaus in the U.S. which are Equifax, Experian and TransUnion. A fourth credit bureau, Dun and Bradstreet Corp., specializes in reporting exclusively on businesses.The main purpose of the credit bureaus is to collect and sell credit information. They assume that the credit information sent to them is accurate, however, it does leave room for errors from time to time. It is our responsibility to monitor and verify the accuracy of the information stored by the credit bureaus.
Interesting Statistics ...
- Credit bureaus process over 2 billion individual credit transactions per month.
- Credit bureaus process over 1 billion consumer business transactions per month.
- In 2006, the United States Census Bureau determined that there were nearly 1.5 billion credit cards in use in the U.S. A stack of all those credit cards would reach more than 70 miles into space -- and be almost as tall as 13 Mount Everests. (Source: NY Times, Feb. 23, 2009)
Credit Secrets
Here are 3 simple Credit Secrets you can use to improve your credit score:
- Get a FREE copy of your credit report today. It is your responsibility to know what is on your credit file. Under Federal law, all U.S. residents are entitled to one free copy of their credit report annually, from each of the three major credit bureaus, without any cost or obligation. Visit AnnualCreditReport.com for more details.
- Monitor your credit file on a regular basis. You need to be aware of the changes made to your credit file so that you can react in a timely manner. There are various agencies available to help you monitor your credit file. I personally use the Identity Theft Shield Gold Plan. The Identity Theft Shield Plan gives you the following features:
* A Free copy of your credit report and credit score from the 3 credit bureaus.
* Continuous Credit Monitoring. You are alerted when suspicious information is added to your credit file.
* Identity Restoration assistance in the event you become a victim of Identity Theft.
Knowing what is on your credit file is only half the battle. It can often take a lot of time and effort to correct items that are wrong or have been added if you become a victim of identity theft. With the Identity Theft Shield program, professional credit restoration assistance is only a phone call away. Visit Identity Theft Shield Plan for more details. - Get Educated on what you can do to raise your credit score. There are various companies and programs you can choose from. But if you spend a little time, you can learn techniques you can use to clean up your credit file yourself without having to hire a Credit Repair Firm. I recommend the 37 Days to Clean Credit program by Chris Brisson. I found it to be an easy to use, practical guide to learn techniques that can be have immediate results.
Now More Than Ever
The impact of raising your credit score, even by a few points, is crucial these days. With the banks cutting back on who they will lend to, companies determining who they will hire based on their credit score, identity theft on the rise and the current credit crunch, now more than ever is the time to use the 3 Credit Secrets to improve your credit score.What you don't know CAN hurt you!
Credit Repair Resources from Amazon
Credit Repair Kit For Dummies (For Dummies (Business & Personal Finance))
Amazon Price: $16.49 (as of 12/31/2009) 
Fix Your Credit DVD - How to Fix Mistakes on Your Credit Report and How to Improve Your Credit Score (Credit Repair)
Amazon Price: $39.99 (as of 12/31/2009)
How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today
Amazon Price: $14.93 (as of 12/31/2009)
American Credit Repair: Everything U Need to Know About Raising Your Credit Score (American Real Estate)
Amazon Price: $16.47 (as of 12/31/2009)
Here's my favorite link:
New Orbitz!
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