Credit Tips

Building a Better Credit Report

First Interstate Financial Corporation knows that having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually mean smaller monthly payments. If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. That file is your credit report. It is chock full of information on where you live, how you pay your bills, and more. It's used to evaluate your applications for credit.

Improving Your Credit Report

Only you are responsible for correcting inaccurate or incomplete information in your report. Accurate but negative information cannot be removed unless you fulfill the obligation and even if you do, it could remain for as long as 7 years.

Here are some basic tips from First Interstate Financial Corporation.

1. Tell the credit reporting company in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. Credit reporting companies must investigate the items in question - usually within 30 days. When the investigation is complete, the reporting company must give you the written results and a free copy of your report if the dispute results in a change.


2. Tell the creditor, (your loan agency, credit card company, etc.) in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. If you are correct - that is, if the information is found to be inaccurate - the information provider may not report it again.


3. Do all you can to improve your credit situation. Pay bills on time, budget realistically, try to live within your means, avoid additional debt and if needed utilize the services of a professional credit counselor.


4. Don't Be Fooled. Newspapers, radio, TV, and the Internet are filled with ads for companies that promise to increase your credit score in exchange for a fee... sometimes in as few as 2 hours. 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.