Most Americans in North America are in some sort of debt. Many live on credit, and with the current economy things are only getting worse, but this doesn’t mean you have to ruin your credit. In fact, you may find that sometimes the things that are affecting your credit are not even your own doing. Some statistics show that there is close to 50% errors on most credit reports, and these errors could be costing you your financial life!

How do you fix credit problems that aren’t really yours?

The first step is to contact the three credit agencies and file a dispute. If there is something on your report that shouldn’t be there the sooner you correct it, the less the damage will be. You can fully reverse the damage in some cases, but it other cases it may be to late.

This brings us to the second step, keep a careful eye on your credit. You are allowed to get free reports yearly from the credit agencies, get yours and make sure there are no errors. This also includes your charge card account statements and your bank statements. Simply errors on these statements can make a big difference on your credit standing. Making sure that they are all correct is vital. An ounce of prevention is really worth a pound of cure when it comes to your credit report and score. Arm yourself with knowledge and you’ll be that much more ready to combat negative items on your reports.

Find something not quite right on your reports, file a fraud report. Contact your charge card issuers and let them know if there has been unauthorized activity on your account. Keeping a close eye on your finances will go a long way to keeping your credit score intact.

Keep records of everything. Find a charge that should not be there? Make sure you keep track of everyone you speak to on the matter. Keep a list of all you talk to, what you talked about and the time and date the conversation took place. Being overly prepared in the worst case scenario is always a better choice than not being prepared at all.

One of the most basic ways to protect your credit score and reports is with a proper education and with due diligence on all your reports and bank and charge card account statements. Keeping a close eye on your financial matters can mean the difference between a good credit score and financial ruin.

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