How To Improve Your Credit Score

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The three leading credit reporting agencies – Experian, TransUnion, and Equifax – collect your credit information from companies where you have open accounts. These can include banks, credit card companies, retailers, auto and mortgage lenders, and even utility companies. And while they work to collect accurate information, they don’t always hit the mark. Anfound that 26% of participants had a potentially material error in one of their credit reports.

Your risk factors might list a specific account that is hurting your score or too many credit card applications in a short period. Even If you have a missed payment on your report or want to avoid putting your credit score at risk, put all recurring bills on auto-pay and set payment reminders for other accounts. This keeps a payment from slipping through the cracks.After payment history, the next most significant factor in your credit score is the amount of debt. Since credit reporting agencies don’t have your income information, they use a factor called ‘credit utilization’ instead of a debt-to-income ratio.

By signing up for a credit card and paying on-time each month, you build a positive payment history. Then, by keeping spending on the card low, you create a low utilization ratio. Credit cards also positively impact your credit mix and new account aspects of your credit score.

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