My New Year resolution is to pick one of the three credit bureaus and request a credit report. I’ll be able to read the full report online, sometimes immediately. Because 80% of us do not follow through and accomplish our resolutions, this one will be a winner.
Credit reports can surprise you. I have found accounts listed that I thought were closed and older ones still listed. Some active loans in repayment are not listed.
Accounts listed on the report, will include contact information. I have used the address to write and ask for the account status to be updated. (Keep a copy of the letter for your own records). I have also written lenders and asked them to report my loan history to the credit bureaus. If you have a thin report, very little credit use, asking a landlord, bank, or store to report your history of payments can enrich your report and result in more favorable interest rates and loan terms. New offer credit cards are averaging 19.21%. Individuals with a track record of using credit and an excellent credit score may be able to land a card with a 15% interest rate.
If your resolution involved raising your credit score, be patient. It is easy for one to drop and usually a long time to build up the points. The Consumer Federation of America and Vantage Score have a 12 point online quiz to help you understand the workings of calculations and actions you take that impact your score. Be sure to read the answers provided when your selection is scored, you can learn valuable tips to change credit use. The average score in the US is 695 for FICO and 673 for Vantage. A favorable score for the best credit offers is 700.