Page 37 - Book7E

CHAPTER 4
How to Rebuild Your Credit and Improve
Your Credit Score
If you’ve encountered credit difficulties and find yourself in a position where you need to rebuild your credit and improve your credit score, don’t despair. You’ve taken the appropriate steps with help from Family Financial Education Foundation to live within a budget, set money aside for emergencies and large purchases, pay off debt according to a plan, and ultimately become debt free. And thanks to such organiza- tions as the Federal Trade Commission (FTC), there are tips you can use and definite steps you can take to build up your credit and boost your credit score.
Beware of Quick Fix Scams
The FTC warns consumers to be aware of newspaper, radio, TV and Internet advertisements and promotions from companies that promise to erase accurate negative information in your credit report in exchange for a fee. The scam artists who run these ads not only don’t deliver— they can’t deliver. Only time, a deliberate effort, and a plan to repay your bills will improve your credit as it is detailed in your credit report.
Steps to Take to Rebuild Your Credit
The FTC explains that under the Fair Credit Reporting Act (FRCA), both the credit reporting bureau and the information provider (the person, company, or organization that provides information about you to a credit reporting bureau) are responsible for correcting inaccurate
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