THE MVET WAY CEMN NEWSLETTER__JAN_FEB__MARCH_2018

5 Ways to Improve Your Credit Score By Craig Buchan Part 2

Pinpoint What You Need to Im- prove Simply having an error on your cred- it report doesn’t necessarily mean it’s causing your bad credit. For ex- ample, if a misspelled version of your name appears in the personal information section of your credit re- port, that likely isn’t causing your credit score to dip. Other errors, like those listed in the previous section, could be to blame — and there are a number of possi- ble reasons why those errors are there. Here are a few examples: • Your identity has been stolen and a thief is abusing your credit. • A collection account from years ago is still being reported, even though it’s past the statute of limita- tions in your state. • A bill your ex was supposed to pay (per your divorce) has gone un- paid for a while, and now you’re suf- fering the consequences

You defaulted on one loan, and now it’s showing up as multiple defaults on your credit report because it’s been sold to debt collectors. • Your credit information has been mixed with someone else who has a similar name (and went through a foreclosure recently). If your credit report is accurate, but you still have a bad credit score, it’s important to understand why. Here are the major credit scoring factors and how each one can impact your credit score: • Payment History: If you have a history of making late payments, creditors see you as a bigger risk, and this is the greatest factor in what could be causing your bad credit score.