How to Build a Strong Credit History (Part 1)

August 21, 2013

Although it takes time to build a strong credit history, the good news is that there are a number of things you can do to help solidify a strong credit history for yourself.

Although it takes time to build a strong credit history, the good news is that there are a number of things you can do to help solidify a strong credit history for yourself.

Having a strong credit history can be paramount to having a solid financial standing, and it can be pivotal in helping you get lower interest rates when making large purchases, like when buying a house, a car, etc. Although it takes time to build a strong credit history, the good news is that there are a number of things you can do to help solidify a strong credit history for yourself. Some of these things include:

  • Regularly checking your credit reports – At least every year, it’s important that you request a free copy of your credit report from each of the three credit reporting agencies (Experian, TransUnion and Equifax) and thorough review each report for any possible mistakes. While credit report mistakes can include errors associated with your personal information (e.g., your address, your marital status, etc.), in the worst cases, they can include false listings of debts that you did not accumulate, that have already been paid off or that should have been discharged through a previous bankruptcy case.
  • Fix any mistakes on your credit report – If you find that your credit report contains any mistakes, take the necessary steps to get these mistakes rectified as soon as possible. This may mean writing letters to the credit reporting agency and/or a specific creditor detailing the nature of the mistake and providing evidence (e.g., canceled checks, bank statements, etc.) that prove that the item in question is, in fact, a mistake. Fixing mistakes on your credit report can help you avoid having your credit score, as well as your credit history, unnecessarily damaged.

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Categories: After Bankruptcy, Bankruptcy, Blog, Credit, Credit History, Credit Reports, Credit Score