By- Marion Syverson

You need credit to buy a house, car or boat. You even need good credit to get many jobs and for life insurance. What should you do if your credit score is low? Here are some tips.

Repair incorrect statements-  The FTC web site includes a sample letter that can be used to correct mistakes on you credit report and the site explains the law about inaccurate statements and your rights under the law.

Accurate negative statements- The FTC explains what you can do about ACCURATE negative info in this way: “When negative information in your report is accurate, only the passage of time can assure its removal.” They go on to explain how long it will take for certain types of information to be removed.

DIY check-ups- Checking your credit reports regularly is one part of keeping you in charge of your finances. Since this number impacts so many aspects of your life, it’s important to  check all three agencies. You are entitled to one free report per year and you could alternate them so that you get one agency’s report in January, another’s in May and another in October. That way you may more readily spot any changes.

The FTC has links to helpful pages such as one called, “Knee Deep in Debt” and “Building a Better Credit Report.” They also have the phone and link for receiving copies of your free credit report from all three reporting agencies at their site.

Citations:

The Federal Trade Commission
www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

Disclosure:
Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., and all other companies listed herein are separate entities, independently owned and operated.

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