Bad credit report - Show me how to improve a Bad Credit Report

Author: The CreditConsultant

Having a bad credit report can be extremely detrimental to your financial well-being. But what steps can be taken to fix a bad credit report?

First, obtain a copy of your report from each of the three reporting agencies. After doing so, review the report for any discrepancies or outright false information. While minor misspellings are common, accounts that are not truly yours or other large mistakes should be reported immediately to the credit bureaus.

Next, begin to pay off as much old debt as possible to improve a bad credit report. Start with the lowest, most manageable amount and work your way up to the most expensive. Try to talk to your creditors in order to settle for a lower final payment amount. The older and larger the debt is, the more responsive many agencies are to a settlement. Keep in mind that it never hurts to ask and that the worst an old lender can do is refuse a lower amount.

Then, take a look at your current credit card usage. The amount recommended by most experts is to not exceed 30% of your available credit limits. While sometimes unforeseen expenses require you to use more than this amount, it is beneficial to at least pay your cards down the majority of the time. If you stay below this 30% threshold, your will see an improvement in a bad credit report.

Finally, the easiest way to fix a report is to pay each of your monthly bills on time. A positive payment record can easily improve a bad report in time. Now that you are empowered with additional information, go out there and improve your file.


Article Source: http://www.articlesbase.com/finance-articles/bad-credit-report-show-me-how-to-improve-a-bad-credit-report-4070823.html
About the Author

Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. For more powerful secrets on credit repair, debt settlement, stopping collectors, rebuilding your credit, and raising your score, please read the first chapter of The Credit Repair Book for Free and get a Free Restore your Credit E-class at http://www.hiddencreditrepairsecrets.com