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Raise Credit Score

 

For common people not having expert knowledge of mortgage, a credit score is a numerical expression based on a statistical analysis of a person's credit files which show the creditworthiness of the person willing to take loan. Additionally, a credit score is based on credit report information which is taken from credit bureaus. In order to raise credit score, one has to build a good credit score and maintain it in long run for prospective use.

Financial advisers claim that in its way to maintain or raise credit score, one has to stay financially organized and learn to manage debts wisely throughout. Moreover, the use of credit score is mostly done by lenders, such as banks and credit card companies. Lenders use credit score so that they can evaluate the potential risk posed by lending money to the concerned customer. They analyze whether there is any risk with the borrower or not then only they disburse the loan.

What to do to raise credit score

Financial advisers suggest that the consumer should start paying his bills on time and pay off outstanding debt without closing old accounts. Whereas, the two earlier mentioned help raise credit score substantially, any error in credit report can be rectified so that there is no ambiguity. Noteworthy point is that late payments that were made years ago don't affect credit score as much as the recent ones; therefore, payment should be made in recent so that there is a raise in credit score.

Notwithstanding, a borrower can earn extra points if he pays his outstanding debt. The advice to pay outstanding debt can be explained in the way as using a lower percentage of total credit available to a borrower raises his credit score, but if he closes a credit account, his total available credit decreases; therefore, if he shuts down the account, he may still be close to maxing out his credit - which decreases his score. Ultimately by paying back his dues, a borrower receives better credit scores.

Additionally, a borrower should determine the cause of inaccuracies on his credit report as there are plenty of cases of inaccuracies in credit reports compiled by Credit Bureau. If the borrower thinks the credit bureau has him mixed up with someone else, he first should make sure that credit bureau maintains full name and correct spelling. Moreover, social security number on the credit report should be correct so that there is no ambiguity about identity of the borrower.

 
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