Month: January 2011

Rebuilding Your Credit

Many people see their credit scores take a dive due to financial hardships such as job loss or divorce. Knowing how important it is to have a good credit score, they then begin the laborious process of rebuilding their credit by making payments on time, managing their credit cards, and repairing their credit reports.

In such cases, rebuilding your credit can be a great idea. But if you’re trying to improve your credit score, make sure you understand how credit reports and credit scores work. It’s possible to do more harm than good if you don’t know what you’re doing, so avoid these common mistakes as you rebuild your credit:

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Identify Errors on Your Credit Report

If you’re interested in improving your credit score, one of the first steps to take is to review your credit report. You’ll want to make sure there aren’t any errors and to come up with a game plan if you find any discrepancies.

First, know what information should be on your credit report. In addition to your credit history, your report will likely contain the following types of information:

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How To Place A Fraud Alert On Your Credit Report

John Heath - Directing Attorney for Lexington LawI remember the summer of 1989.  Alternative Rock  and neon colors were all the rage and it was the summer I acquired my very first credit card.  My card was to a national department store.  When I made purchases at the store, the card was inserted into a machine that would make a carbon copy of the card number and expiration date.  The carbon was then promptly thrown away in an unsecured garbage can by the sales clerk.  At the time, I did not give a second thought to whether that information could be used by an identity thief.   Fast forward twenty years or so and things have changed.

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What’s On Your Credit Report?

Understanding your credit report is the first step toward a better financial future. Your credit score is dependent on the information housed within its five main sections. The Fair Credit Reporting Act (FCRA) requires the three credit bureaus (Experian, Equifax and TransUnion) to provide you with a free copy of your report each year. So, what can you (and your creditors) learn from your financial past?

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Check Your Credit Reports – A Note From Our Directing Attorney

John Heath - Directing Attorney for Lexington LawJanuary is a time for new resolutions.  I myself have resolved to go to gym more often, to back off from diet soda and to clean out my junk e-mail box on a regular basis.  While these are important goals, often other important aspects of our lives go unnoticed.  With this in mind, I have found that we often overlook other important areas of our lives such as the health of our credit. One of the most important things we can do in relation to our credit health is to check our credit on a regular basis.

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