It's important to establish and maintain positive credit, whether you're just starting out or planning for retirement. But most people only have a vague understanding of what that actually entails. Add the onslaught of identity theft to the mix and you have a recipe for disaster. Here are some tips, tricks and techniques you should understand and adhere to:
I. Check your Credit Annually. Gone are the days of phone calls and snail mail letters to various credit bureaus. Thankfully the Internet age has made credit monitoring - and correction - extremely easy. All three credit bureaus, TransUnion, Experian and Equifax, offer a free annual credit report through
http://www.annualcreditreport.com. So request yours and review it for inaccuracies. Find something that looks wrong? Make corrections immediately - online.
II. Improve Your Score. What looks good to creditors isn't always logical. For instance, if you have no credit cards or debt, paying everything diligently in cash, you may have low marks. Why? New creditors can't see a firm repayment history. To develop noteworthy credit and ensure your chances of getting that hot car loan you want so badly:
1.) Start building your credit when you're young;
2.) Pay your bills on time - all the time,
3.) Keep your credit debt to a manageable level for your income,
4.) Close accounts you don't need because all available credit adds up to potential debt in a lender's eye;
5.) Stay comfortably under your cards' credit limit;
6.) Don't apply for a lot of credit in a short amount of time; and,
7.) Establish good payment histories with various credit types (not just one), from retail cards to bank cards and installment debt like car or mortgage loans.
III. Guard Against Identity Theft. Yes, it's a real problem, and anyone who thinks it couldn't happen to them is wrong. Be smart; review your credit statements, check your credit reports annually, never pre-print your social security or driver's license number on your checks, shred confidential tax and financial documents and never give out personal information on the phone or in an email. If you see something suspicious, notify your creditor immediately.
Be conscientious, stay smart and guard your information. Your efforts will pay off well.
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