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Credit Reports Get a Makeover. Here is what to do.



In June, the number of people holding a collection account in their credit report dropped to $ 25 million, from $ 33 million a year ago, and the total amount reported in the accounts decreased by $ 11 billion during that period Reserve Bank of New York

In addition, some people may have seen their points leaping early this year as the three major credit companies discarded tax liens on their reports.

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9659002] On sites like Credit Karma or Credit Sesame, you can see if your score is higher.

If this is the case, you will resist the urge to go deeper into debt or take a break when you check in with your score.

"Anyone who has experienced a jump in credit resulting from these changes should take advantage of the momentum and strive for even more progress in improving their creditworthiness," said Bruce McClary, vice president of communications at the National Foundation of Credit Counseling ,

Consider calling your bank or credit card companies and negotiating a lower interest rate. This can lead to significant savings.

For example, if you have $ 10,000 in credit card debt at an annual interest rate of 25 percent, you paid approximately $ 2,500 in interest during the year. But if you can lower that rate to 18 percent, you pay $ 1,800 for 12 months and save $ 700.


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