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Financial Tips: 5 Steps to Improve Your Credit Score

馃搱 Five Ways to Improve Your Credit Score!

1锔忊儯 Get copies of your credit report 鈥攖hen make sure the information is correct. Go to www.annualcreditreport.com. This is the only authorized online source for a free credit report. Under federal law, you can get a free report from each of the three national credit reporting companies every 12 months.

2锔忊儯 Pay your bills on time. One of the most important things you can do to improve your credit score is pay your bills by the due date. You can set up automatic payments from your bank account to help you pay on time, but be sure you have enough money in your account to avoid overdraft fees.

3锔忊儯 Understand how your credit score is determined. Your credit score is usually based on the answers to these questions:
鉁达笍 Do you pay your bills on time?
鉁达笍 What is your outstanding debt?
鉁达笍 How long is your credit history?
鉁达笍 Have you applied for new credit recently?
鉁达笍 How many and what types of credit accounts do you have?

4锔忊儯 Learn the legal steps you must take to improve your credit report. The Federal Trade Commission鈥檚 鈥淏uilding a Better Credit Report鈥 (www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm) has information on correcting errors in your report, tips on dealing with debt and avoiding scams鈥攁nd more.

5锔忊儯 Beware of credit-repair scams. Sometimes doing it yourself is the best way to repair your credit. The Federal Trade Commission鈥檚 鈥淐redit Repair: How to Help Yourself鈥 (www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm) explains how you can improve your creditworthiness and lists legitimate resources for low-cost or no-cost help.

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