How do I raise my Fico score?

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Credit repair Many for-fee credit repair organizations also exist. These organizations employ less standard solutions. Many websites recommend against using credit-repair organizations, claiming that their tactics are illegal. A typical example of an illegal credit repair approach is to obtain an Employee Identification Number (EIN) and use this when applying for a credit (it is the same length as a Social Security Number and is tied to your name in the same way). This is illegal however and a blank credit report might look just as bad as one with a derogatory item on it. Some credit repair organizations claim immense improvements in scores in very short periods of time. Costs may be high and results are not usually guaranteed.

Adverse Credit History, also called sub-prime credit history, non-status credit history, impaired credit history, poor credit history and bad credit history, is a credit history that is judged as being adverse as the applicant has a history of unsatisfactory credit transactions. The term can apply to a corporate credit history but is more frequently used in relation to personal credit. Your credit history is constantly tracked by credit rating agencies. They assemble a record of all your borrowing, track your repayments and record any actions taken to recover overdue monies. For individuals they also assemble a wide range of personal information. This information is sold by the credit agencies to organisations that are considering whether to offer credit to individuals or companies.

Why Should you get your credit score? When you order your own personal credit report, you can see the same credit history a lender sees, but a score can tell you more. It tells you how the lender is likely to evaluate your history.


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Identity Theft This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven't opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account

How does bad credit affect you? It costs you money and potential — a ton of it!

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