More and more people knowing the importance of credit score. Credit score are not just used for getting credit. They can have effect on many factors like interest rate, car insurance rates and you being hired by your employer or not. The Federal Reserve Board has provided some tips for the consumers to improve their credit score:
- Get a copy of your credit report and go through the information available in your credit report
- Visit annualcreditreport.com for getting few copy of your credit report. As per federal laws, consumers can get a free copy of their credit report from all of three credit-reporting agencies every year.
- Consumer can call (877) 322-8228 or fill up the annual credit report request at ftv.gov/bcp and mail it to Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348
- Do not forget to pay the bills on time
- Understand how credit score is calculated and what are the factors having effects on it.
- Whether the bills are paid on time. The level of outstanding debt and the amount of credit left.
- Length of consumer credit history
- Amount of credit being applied recently. Applying for too many credits have negative effect on your credit score
- The number and type of credit account you have also matters
To know more, check out Federal Trade Commission publication on credit scoring at ftc.gov/bcp
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