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How to Fix Your Own Credit Report


How to Fix Your Own Credit Report

credit report

Have you ever looked at your credit report and thought “Wow, I don’t like what I’m seeing”? If you have, then you’re definitely not alone. There are a lot of people who are very unhappy with their credit report. If you’re one of them, know that you don’t have to feel this way anymore. There are actually things that you can do to help improve your credit report and achieve your goals.

Writing Off Incorrect Information

Your credit report is required to be accurate at all times hence, the first thing to do is to look for anything in it that isn’t correct.  Incorrect information shows up in people’s credit reports more often than you think. This is because reporting agencies don’t update their system as frequently as they should. The entire account doesn’t have to be wrong;  just look out for common errors like the amount owed, late payments, payments gone to collections, accounts that aren’t yours, reporting judgments, or collections. When you do find one, report it to the credit reporting agency right away so you can end up getting a better credit and acquiring better auto financing deals.

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Improving Your Credit

One of the easiest things that you can do to fix your credit is to pay off your credit cards or loans. The faster you can pay them off, the better it’s going to look on your credit score because doing so significantly decreases debt to credit ratio. For example, having a debt of $10,000 and an available credit of $12,000 doesn’t look good on your report because your debt to credit ratio is 83%. On the other hand, if pay off $2,000 so your debt only amounts to $8,000, you decrease your debt to credit ratio to 66%. That’s a big improvement and it’s going to mean a lot for your loan application. 

By paying a little extra each month, you could end up with a better credit score a whole lot faster than you might think. As your payments start to add up, you also start paying less and less interest. As a result, your monthly payment goes down and you’ll have fewer problems with making payments on time.  

fix your credit score

Get More Credit

This strategy often sounds strange to a lot of people who are trying to reduce the amount of debt that they have. Fact is, getting more credit proves one’s creditworthiness and decreases your debt to credit ratio. Make on time payments to start seeing improvements very quickly.

Just make sure that you apply for something you will get approved for, like this loan right hereIf you apply and you end up not getting approved, you’re going to get a hit on your credit score for the review. So make sure that you’re getting a credit that you can use and that you can afford. Don’t acquire something that’s going to cost you a fortune in payments because you could end up in even more trouble than you were before. If you don’t think you’re ready for a new purchase then wait on this step until you get your credit down a little bit more.

There are plenty of things that you can do to improve your own credit report. However, having a poor credit doesn’t mean that you can no longer acquire a great loan. If you can’t wait until your credit score improves, that’s okay too. You can still get a great loan for your next vehicle Right NOW through New Car Canada. Apply for FREE and get approved in less than 24 hours!

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