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How to Repair Credit

Complete the following to-do list, or subscribe to a credit repair service to have a professional perform the tasks:

  • Collect your credit reports from the three major credit reporting agencies.
  • Locate errors or disputable points on your reports.
  • Collect evidence to argue that the erroneous entries exist.
  • Properly dispute the errors in accordance with the credit bureaus' procedures.
  • Improve your debt-to-credit ratio.

Your Credit Score

It’s only a three digit number, but it means so much. A credit score, commonly known as a FICO score, is what creditors and others use when deciding whether to do business with you.

An individual has three credit reports, plus three FICO scores, one from each credit reporting agency. FICO scores change as the data changes in your credit reports.

Most lenders look at a FICO score from one or more consumer credit reporting agencies, as well as their own score from analyzing your credit report, when making lending decisions.

A FICO score ranges from 300 to 850 and is based on the following:

• Bill payment history
• Ratio of debt to total credit amount available
• Credit history
• Types of credit in force
• Credit inquiries made by lenders.

A high credit score means better interest rates, favorable lending terms and a greater amount of credit extended.