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Improving your credit score is one reason to monitor your credit report on a regular basis. However, staring at your history of bad mistakes is not going to solve the problem.

You also need to take action. For instance you can do the following:

Change your attitude about spending. For instance, leave home without your plastic when you go shopping. Only make purchases on them when it is an absolutely emergency such as when your car breaks down. Disciplining yourself will show you that you really can live with less material things.

Consolidate debts to aim for lower interest rates on money owed. In order for this process to benefit you, interest rate would be lower when all combined. It would not make any sense to include the bills that already have a lower interest rate than all your bills added together.

Switch to using debit cards when making necessary phone and online purchases. This will help prevent loss of large sums of money in the event of identity theft, which provides you with a piece of mind.

Negotiate unpaid balances. This will help you settle debts much faster. The one clinch about this of course is that “settled in full” or similar phrase does not look as good on your credit report as would “paid in full.” Still, it is a step forward.

Deal with living a little bit less of a luxurious lifestyle. For instance, you can lease a less expensive but just as attractive apartment. You could also purchase a less luxurious car, and you can find just as high quality clothes at thrift stores.

Prioritize your bills. Of course it is not right to ever be late on any bills. However, you need a place to live and you need electricity. You also need your car if you live too far away. However, you can probably let your phone bill slide a few days.

It helps to understand your credit rating-what it means exactly. This will help you prepare better for your financial future. This will help you improve your creditworthiness as an individual, or if you happen to have your own business.

The Meaning of It

An evaluation of your financial history is determined by the good and bad marks on your credit report. This is what makes up your credit rating, and it has meaning. It gives off major clues pertaining to your financial history.

For one, it shows how faithful you have been at making payments and it shows how likely you are to pay off a debt owed. Your credit rating also shows lenders one other very important thing-how much money you could reasonably pay back, and how long it would take you.

Your credit rating is calculated by different factors that give you a credit score. This is the numerical evaluation that may determine many things, such as the following:

• How much deposit you need to make when getting cell phone service
• How much of a down payment would be required if you were going to buy a house and needed financing
• The amount of down payment that would be established as necessary when its time to purchase a car
• The interest rate you would pay on a loan or a credit card balance

Credit Rating Calculation

Usually your credit rating would be calculated based on a number of aspects. For instance, it will be determined by your loan repayment history, amount of credit used, interest owed, savings patterns, or spending patterns.

The calculation of your credit rating would also be determined by number of inquiries you have on your records. In other words, the number of times you have applied for financing of any kind would affect your overall credit score.

The Federal Trade Commission (FTC) alerts consumers about access to free credit reports. This information pertains to the fact that according to the Fair Credit Reporting Act (FCRA) you are entitled to one free credit report every 12 months.

However, you should also know that you are actually entitled to one report from each of the three agencies, not just one report total every year. Therefore, you can receive a copy of your payment histories and other vital financial records as kept by Equifax, Experian, and TransUninon.

Additional FTC Guidelines

In addition to the above, you are also entitled to the following:

• Accuracy and privacy of the information kept about you
• The right to know if someone has stolen your identity
• Immediate access to your credit report if you file online
• To receive your requested report within 15 days if you want it mailed to you
• Right to a free report if you are unemployed and looking for work within 60 days
• Right to investigation in case of an error
• Opportunity to dispute your case when necessary
• The right to know if anyone has obtained an unauthorized copy of your financial records

FTC Function

The Federal Trade Commission works to prevent consumer fraud. They also fight against unfair and deceptive business practices, including false advertising. They also help consumers remain aware of problems and thus teach buyers and sellers to avoid being a victim of fraud.

The FTC also helps people file complaints in the event a company or individual has wronged them in some way. This organization deals with all types of consumer-related scams, including falsified records, fake credit report fraud, and credit card identity theft.

Consumers Beware!

The Internet has given rise to many fraudulent websites claiming to offer you a free credit report instantly. While some of these sites are very helpful, you need to watch out for any sign of a stolen identity.

WARNING: If you seek a credit report instantly online, make sure you know whom you are dealing with. This is especially important if you are signing up for a free trial of a credit monitoring service.

Remember, you should know what you are getting yourself into and who you are dealing with at all times. This is not to make you paranoid but rather to make you aware.

Use the Internet with caution when seeking a free copy of your financial history. Your financial future greatly depends upon taking proper precautions.