A recent article in The News-Herald provided advice for consumers on how to maintain good credit scores.
Good credit scores can make consumers more attractive to lenders and employers. Currently, interest rates for home loans are at record-lows, however, lenders have tightened their regulations making it harder for individuals with bad credit to obtain financing.
Furthermore, many employers are now conducting credit checks for prospective workers, meaning that low credit scores could deter a company from moving forward with a hire.
Thus, maintaining a good credit score and clean credit report is essential. To do so, the article states that consumers should use credit cards intelligently. Making monthly payments, not charging an amount higher than what can be paid off entirely in two months and paying more than a monthly minimum are all good methods to boost a credit score.
In addition, monitoring a credit report is also essential, as consumers can then detect any inaccuracies or unsubstantiated records that might be negatively and unfairly affecting their scores. Although consumers may be able to identify errors on their own, spotting marks that do not meet federal credit reporting guidelines is often a much more difficult task. For this reason, some individuals may benefit from contacting a credit lawyer for assistance.