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While most creditors won t report late payments made at 30 days, once it reaches 60 to 90 days, a borrower will certainly get reported. If you ve made late payments before, relax and don t worry, since over time those infractions will slowly diminish, and you ll get back your old credit score. Avoid Applying For Unnecessary Credit Always ensure that you avoid those new credit card offerings at the mall or department store, because all the newly added credit, no matter how small, are sure to do harm to your credit score. Remember that some of your late payments could come as a result of other financial issues, or a dispute with your supplier. Uniform Commercial Code (UCC) Filings Your company's UCC, or Uniform Commercial Code filing will give you important insights about any leases or liens you have in place. When evaluating this section, find out if you see any clues about how your company uses credit, and find out whether your company' has a number of assets put up as collateral on existing loans, or if your business has a large number of relationships with other business, to determine whether your business may be overextended. Today, most municipal and city governments are turning to collection agencies to salvage hese unpaid bills, especially if your dilly-dally on repaying them. For example, if a collection agency reports that you weren't able to pay overdue parking tickets or library fines, this could make your credit score drop by as much as 100 points. According to the US Faire Credit Reporting Act, a person can get a free copy of their credit report from the major credit bureaus, namely TransUnion, Equifax and Experian. The credit report is provided at no cost, and can be requested every 12 months. Here s how to gain your credit score. Collect All The Require Information Before getting a free credit report, first obtain all your account numbers and loan statements, since the credit reporting bureaus may ask that you provide the account numbers and payment amounts, to validate your identity. However, a person cannot simply wish to receive credit as they please, because they will need to apply for it, and most credit companies also take a closer look at a person s credit report, to see if they are truly credit-worthy, and know how to manage their finances well. Here are the five basic elements of a credit report. Also ensure that your buisness has at least five lines of credit with vendors who normally report to business credit rating companies and agencies. Report Your Transactions To The Major Credit Bureaus Once you determine the requirements of credit bureaus, the next step should be to report your transactions and financial undertakings to the major creidt burueaus today.
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