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            How to Repair Your Credit Rating?

Your credit rating is how people will judge you for your entire adult life. Whether you want to apply for a mortgage or you are just trying to get a new job, your credit is going to be checked and you will be judged by the number that you are assigned. If your credit history is sketchy or you have a very low credit score, you might be wondering how to repair your credit rating. Here are a few tips to help you get your credit rating up to where it should be.

Make sure to pay all of your credit card payments on time. If you can afford to, you should pay more than the minimum payment (even if it is just five dollars more). Paying more than the minimum each month helps you pay off the credit card faster. The same goes for car loans and home loans (that won't penalize you for paying more). Making those monthly payments on time not only looks good to the creditor but will help keep your score where it needs to be. Never ever miss a payment. Certainly never let a loan or credit card go to collections if you can help it.

Cancel any accounts that you do not use anymore. That Macy's card you opened in 1999 but haven't used since? Close it. Your credit score is figured out by a number of factors and one of those factors is how many open credit accounts you have. If you have too many, even if they are all paid off, your score can be lowered.

Make sure your credit report is accurate! Most credit reports are riddled with errors. Make sure that, at the very least, you get your free credit report every year. Go over that report with a fine toothed comb and make sure that it is one hundred percent accurate. Contact each credit reporting agency and report any errors you find. The credit agency will look into them and should correct them within thirty days.

Validate your debt. Send a validation request letter to each company claiming that you owe them money. The company has thirty days to provide you with proof that you are actually in debt to them and they should provide you with proof of how much you owe. If they cannot provide proof within thirty days or they do not respond, send a copy of your validation request letter with a letter stating that sufficient proof was not given/no reply was received to each of the three major credit agencies. By law, any account that is not validated must be deleted.

Knowing how to repair your credit rating is important. After all, with so many credit reports being riddled with mistakes it is important to know how to correct those mistakes and get your credit rating to where it should be. Once you know how to repair your credit rating you won't have to be afraid of the result when your credit history is checked!

Credit in Minutes Tip #1

Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets reported.

Credit in Minutes Tip #2

Just because you qualify for all of those credit cards does not mean you should get them. A person with too many credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?

Credit in Minutes Tip #3

The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time will keep your score up where it should be.

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