Free Tips to Make Sure Your Credit Report is Accurate and Increase Your FICO Credit Score

Low Credit Scores will cost you a lot of money in higher interest payments on loans, credit cards, and insurance.  There is no reason for you not to increase your Credit Score before making any large purchase.  You can save a huge amount of money by making sure your Credit Score is as high as possible, since this will lower your interest rates on loans, insurance, and mortgages. For example, a borrower who applies for $250,000 Home Loan and who has a 580 Credit Score will pay over $350 per month extra than if they had a 720 Credit Score.

A word of caution: there are many Internet sites that charge you a small fortune for either trying to increase your credit score themselves or trying to sell you a book that will tell you "secret ways" to increase your Score.  What you need to understand is that they all try and fix your credit report the same way as you would, mainly by disputing items and getting them removed from your report.

With the free tips available on this page, you can fix  your credit report yourself, and keep it high for the future.  Remember, whatever time or money you spend on increasing your credit score and keeping it high will pay for itself many times over because of the lower interest costs you will pay over time. 

First, Sign up for myFICO.Com Score Watch Service (First 30 days free) to get your Free FICO Credit Score and Credit Report.  You can run your Credit Report monthly and monitor how things are being changed  - without paying each time you check for updates that have been posted.  Without this key information, you won't know what your score is or how to possibly increase it by removing inaccurate information.

(You can also get your credit report free once a year from the government, however it wont include your credit score)

It will cost you some money to get your Credit Report and Score, but you will make it back many times over if you fix something wrong or use the information provided to increase your credit score. The three credit reporting agencies are Experian, Trans-Union, and Equifax.  Since some lenders only report to one of these companies, you will probably have three different credit scores. 

You can have 3 different Credit Scores since each credit reporting agency might have different information about you.  Your credit score is determined by the following % breakdown:

• 35% Payment history

• 30% Outstanding debt

• 15% Length of your credit history

• 10% Recent inquiries on your credit report

• 10% Types of credit in use

Below is a table showing a sampling of possible different score ranges and how they can affect your loan payment:

See Your Free FICO Score and Credit Report Instantly Online!

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See Your Free FICO Score and Credit Report Instantly Online!

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