Tips to Protect and Improve Your Credit Situation
PERSONAL FINANCE WITH SUZE ORMAN
Tips to Protect and Improve Your Credit Situation
As you learned earlier in this topic, a handful of data companies compute credit scores based on the financial information in your credit report. Now that you have a credit score, you have a sense of where you stand in the eyes of the credit scoring industry. Every company that computes a score also lets you know whether your score is considered great, good, so-so, or flat-out bad. If you have a high score, congratulations—now your goal is to make sure you protect that score. If your score isn’t deemed high, your goal is to take steps to slowly but surely improve your credit situation. Either way, here are a few tips:
What Your Check your credit report for errors. Credit Score Means (cont.)
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The credit bureaus keep the reports that are used to create your credit score. Sometimes credit reports contain mistakes. Loans that have been paid in full may show up as being late. Or in the unfortunate case where you have been a victim of identity theft, you may find that loans or credit card accounts have been opened in your name—accounts that you never knew existed! Go to a site offering free credit reports such as annualcreditreport.com to get your FREE credit report. You should never pay a penny to get your credit report, and you shouldn’t ever have to give out credit card information. Annualcreditreport.com is the best place to get your credit report. Your report will include instructions on how to clear up mistakes.
Personal Finance with Suze Orman
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Tips to Protect and Improve Your Credit Situation (cont.)
Tips to Protect and Improve Your Credit Situation
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You can get one free report a year from each of the three credit bureaus. Rather than get all three at once, request one report every four months. That way, you’ve created your own frequent (and free) monitoring system.
2
Pay your bills on time.
Pay your bills on
Tips to Protect and Improve Your Credit Situation
As you learned earlier in this topic, a handful of data companies compute credit scores based on the financial information in your credit report. Now that you have a credit score, you have a sense of where you stand in the eyes of the credit scoring industry. Every company that computes a score also lets you know whether your score is considered great, good, so-so, or flat-out bad. If you have a high score, congratulations—now your goal is to make sure you protect that score. If your score isn’t deemed high, your goal is to take steps to slowly but surely improve your credit situation. Either way, here are a few tips:
What Your Check your credit report for errors. Credit Score Means (cont.)
1
pg. 1
The credit bureaus keep the reports that are used to create your credit score. Sometimes credit reports contain mistakes. Loans that have been paid in full may show up as being late. Or in the unfortunate case where you have been a victim of identity theft, you may find that loans or credit card accounts have been opened in your name—accounts that you never knew existed! Go to a site offering free credit reports such as annualcreditreport.com to get your FREE credit report. You should never pay a penny to get your credit report, and you shouldn’t ever have to give out credit card information. Annualcreditreport.com is the best place to get your credit report. Your report will include instructions on how to clear up mistakes.
Personal Finance with Suze Orman
page 1 / 4 pg. 1
Tips to Protect and Improve Your Credit Situation (cont.)
Tips to Protect and Improve Your Credit Situation
4
You can get one free report a year from each of the three credit bureaus. Rather than get all three at once, request one report every four months. That way, you’ve created your own frequent (and free) monitoring system.
2
Pay your bills on time.
Pay your bills on