Know more about your credit report

2. All credit reports are not the same
Three main reporting agencies exists namely, Tran Union, Equifax, and Experian but the method of arriving at your credit score in all the three cases could be different. These scores won’t vary much but there could be few point variations which means there could be some or no credit risk.

3. Your credit repair is not a lock
If you take some help, it won’t hurt your credit score because a less monthly payment on an outstanding debt such an s credit card in case the person who issues it is ready to report the difference in reduction. Also the lender could reward you the full paid bill for not making any defaults.

4. It is not necessary that a credit report is always correct
Since your credit score is a subjective measure of your credit risk, your credit report should be a factual account of your credit history. These reporting agencies can make errors and thus you should have one free report per agency and you can make any dispute over mistakes. You could be truly a credit worthy if you remain on top of your credit report and keep it free from any errors.

5. If you pay your credit bills it will improve your credit score
Paying all your credit bills on time will really make a good credit score of yours but remember that timely payment of six months won’t make you free from default of six years. Try to think in the way of your creditor that would it be better to lend to a person you has just started paying his bills on time or the one who has always paid his bills in due time.

6. Never have too less or too more credit cards
Any type of your credit is included into your credit report that makes up your credit score. If you have too many credit cards and you don’t make use of them, it will never improve your credit score. In the same way, having too less credit cards will also affect your credit score.

7. Don’t make late payments if you have a good credit score
It might sound unfair, but a late payment on a good credit score is worse than a late payment on already bad credit score.

8. Your credit reports are constantly updated
Your credit report is updated with each new piece of information.

9. If the credit agency makes too many inquiries, it can hurt your credit score
Its better that a credit reporting agency doesn’t make much of your credit inquires. This is because it may adversely affect your credit score.

10. Credit repair companies usually promise more than what they can do
Many credit repair companies advertise that they can quickly fix your financial problems but it is not true. In more clear terms, a reputed credit repair company can help you out but each and every credit repair may not do what they promise earlier.