Your credit score has a lot to do with whether you succeed or fail — both financially and in other areas of life too. You probably know that your credit plays a part in whether or not you get a mortgage or an auto loan. But, poor credit doesn’t just impact your finances. Your credit score goes well beyond your finances.
Bad credit could cost you the job of your dreams. Many employers use credit histories to determine whether or not to hire someone. In fact, a nationwide survey found that 25 percent of all human resource professionals check an applicant’s credit report when hiring for a job. Negative things on your credit could very well cost you a job.
If you have bad credit, you’ll also likely pay more for auto insurance. According to CBS News Market Watch, drivers with poor credit pay 91 percent more for auto insurance. A higher credit score can be tricky to achieve.
You probably know that you can raise your credit score over time by doing things like avoiding collections, bankruptcies, and paying your bills on time. However, what if you need to boost your credit score quickly? Maybe you plan to apply for a job soon and don’t want your credit to affect your chances of getting hired. Or, you want to buy a new car or refinance your mortgage.
Although building or improving your credit isn’t necessarily a quick process, there are a few things that you can do right now to boost your credit fast.
Get a Copy of Your Credit Report
If you want to improve your credit score, you’ll need to start by ordering your credit report. You are entitled to a free report every year. To obtain your free copy, visit AnnualCreditReport.com and request your report from all three major credit reporting bureaus.
If you have been denied credit or a job because of something negative in your credit history, then you are also entitled to a free copy of your credit report. If you are not hired or denied a loan because of something in your consumer credit report, then you will be sent an adverse action letter. The letter should explain why the adverse action was taken and inform you of your right to obtain a copy of your credit report for free. Also included in the letter should be the name and address of the credit reporting agency that provided the credit report, as well as instructions on how to order your credit report for free.
Comb Through Your Credit Report For Errors
Inaccurate information and mistakes are common in credit reports. So, look through your credit report carefully. Take note of any errors — large and small. Incorrect information on your credit report can affect your credit score. So, carefully check the following:
- Are your name, social security number, and other identifying details correct?
- Is the information outdated? Credit bureaus are only allowed to report data for a certain length of time. For most negative information, the time limit is seven years. Bankruptcies can stay on your credit report for up to ten years.
- Are the payment statuses of all of your accounts correct?
- Are closed accounts being reported as opened?
- Are you listed as an account owner when you are just an authorized user?
- Is the same debt listed more than once? Sometimes this happens when a debt is sold to a debt collector.
- Are the limits correct on your accounts?
If you notice any of the above issues with your credit report, then you must take action as they could be affecting your credit score.
If you do find errors on your credit report, it is essential to dispute them. Mistakes on your credit report can lead to a lower credit score than what you deserve. As a result, you could be paying more for auto insurance or find it hard to get a car or house.
Federal law gives you the right to dispute inaccurate information listed on your credit report. You can challenge the information by filing a dispute online. Unfortunately, this often doesn’t work. In 2012, the Columbus Dispatch examined 30,000 credit reporting complaints that were filed with the Federal Trade Commission. They found that more than half of the claims were from people that could not get the credit reporting agencies to fix the errors on their reports — even when the errors were glaringly obvious, and the consumers had proof. Fortunately, there is an easy way to correct credit reporting errors using a credit restoration service.
Use Credit Restoration to Fix Errors
It can be challenging to get credit reporting agencies to remove inaccurate information from your credit report without the expertise of a credit restoration company. Credit restoration utilizes a proven strategy that compels credit reporting agencies to remove erroneous information. To get started on a new financial life today, visit Build My Scores.com today.