Your Credit Score

As a rule of thumb, missing payments or paying them late will negatively impact your credit score, while being prompt and making payments when they're due will increase your score. Additionally, maintaining a high balance on your credit cards can also signal trouble to potential lenders, so try to keep your balances as low as possible.

The first place to start when you make a commitment to improve your credit is to obtain a copy of your credit report and examine it carefully. Errors are extremely common on credit reports, and at times they can be severe enough to prevent you from getting a loan. In fact, it is report that almost half of the American population has errors on their credit report, and a quarter of those people have harsh errors that have caused them to lose credit opportunities. As a result, you should always examine your credit report prior to a large credit purchase.

How exactly does a glaring error pop up on your credit report? Most often, errors are made due to people having the same name or similar social security number. Due to the frequency of mistakes, it is imperative that you go over your credit report and make sure everything you read is indeed referring to you and your accounts. If you do find an error, immediately contact the credit bureaus and inform them of the mistake -- they are required by law to fix any errors. If they are not responding to your request promptly, file a dispute with the each bureau. The contact information for Equifax, Experian, and TransUnion are:

Equifax
(800) 378-2732, (800) 685-1111, (800) 505-1208
Equifax Credit Information Services
P.O. Box 740241
Atlanta, Georgia 30375

Experian
(888) 397-3742, (800) 520-1221, (800) 682-7654
Experian
P.O. Box 2002
Allen, Texas 75013

Trans Union
(800) 916-8800, (800) 888-4213
Trans Union Corporation
P.O. Box 1000
Chester, Pennsylvania 19022

Go back to Credit Reports