Good Credit
by: Developed from materials provided by Consumer Action and Sprint
Why You Need It and How to Get It
How Good Credit Can Help
Good credit can help you:
- get loans from banks or car dealers
- buy things on credit
- rent a place to live
- get a loan to buy a house
- get heat and light in your house
- get a job
How did my credit go bad?
Credit can go bad if you don't pay your bills on time. It can also go bad if you don't make loan payments on time.
How do I get good credit?
Good credit is something you have to build. It can take up a year to see the changes you want in your credit.
To build credit follow these steps:
If you write checks to pay your bills, make sure there is enough money in the account to cover the checks!
Ask the store to call the credit bureaus - companies that keep track of who pays their bills - and tell them that you that you have been paying on time.
Make payments on time for one year. After this, many banks will give you credit on your own.
How do I get my credit report?
You can call the credit bureaus toll-free at the numbers below. You can also contact them by mail. They may ask you to pay about $8 for a report.
The credit bureaus are:
Equifax, P.O. Box, 105873, Atlanta, GA 30348
1-800-685-1111
Experian, P.O. Box 2104, Allen, TX 75013
1-800-392-1122
Trans Union, P.O. Box 390, Springfield, PA 19064
1-800-916-8800
Are reports ever free?
Yes. If you have been turned down for a job or loan in the last 60 days, you can get your credit report for free.
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