The Debt Management Expert

Here are 10 tips to help you increase your FICO score by using credit responsibly.

In order to keep your finances in great shape and increase your FICO score, it is important to use your credit responsibly.

Your FICO score is a score created by credit bureaus such as Experian, Equifax, and TransUnion. Institutions lend money based on the FICO score created by credit bureaus. Here are some tips for keeping the FICO score in good shape.

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Mistakes found on your credit report can be avoided by and/or corrected by following some straightforward procedures.

A big part of being fiscally responsible these days is checking on your credit report. Individuals can get a free credit report from each of the major credit reporting bureaus — Equifax, Experian, and TransUnion — every 12 months. Checking your credit report is as simple as having these bureaus send you a copy of your credit report and looking it over. Most of the time, these credit reports are correct. But what do you do if you find a mistake?

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Applying for a secured credit card and paying off your monthly balance can help you to reestablish your credit rating with the major credit bureaus.

Have you been told that you have a poor credit history? Have you run into some trouble with credit card debt before, which now you have cleaned up? Perhaps you have declared bankruptcy and you are trying to reestablish your credit? Here are several key ways that to reestablish your credit by securing credit.

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A credit bureau collects information from different sources about credit and payment information and then provides that information in an organized fashion to lenders. The three primary credit bureaus in the United States are Experian, Equifax, and TransUnion. Credit bureaus create credit reports for lenders that are basically a history of your borrowing and repayment habits. Companies who are trying to determine the creditworthiness of an individual typically request credit reports.

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A credit report contains four basic parts: identifying information, credit history, public records, and inquiries. It’s important to look closely at each section to determine whether or not the information contained in the credit report is correct.

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Learn how to get a free credit report from each of the three credit bureaus every year and why it is important that you review your credit report on an annual basis. Under the Fair Credit Reporting Act, you are entitled to a free credit report from each of the credit bureaus (TransUnion, Equifax, and Experian) every 12 months.

As a responsible consumer, it’s important to review your credit report on a yearly basis.

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Are you unsure of how to consolidate your debt and whether debt consolidation is the right approach for you? When you consolidate your debt, you take out a loan to pay off several other debts. This allows you to consolidate the money you owe into one payment and manage your debt more effectively.

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Almost every working American has a FICO score. Anyone with a Social Security number, a job, and any kind of debt is likely to have a record with one or all of the three major credit reporting agencies. This credit report history results in an algorithmic score that rates each individual’s creditworthiness. A higher FICO score means that a person is responsible in acquiring and paying debt, while a low score tells potential creditors that a person is a higher risk.

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