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It is possible to improve your credit rating simply by following a few guidelines. You should be aware, however, that it will not immediately be seen, simply because the three credit reporting companies—TransUnion, Equifax, and Experian–receive information on your credit history at different times. Go ahead and get started, though, it will show up eventually.
* Be mindful of your payment record. If you’ve been making late payments, immediately start making on-time payments. Again, it will take a while to show up, but the fact that you are making the effort will definitely be noted when it does. If you’ve already been making on-time payments, keep this up.
* Make sure your credit report is accurate. This means checking to see that closed or paid-off accounts have been reported as being so. Accounts still showing as opened or not paid off are a frequent occurrence. Ask the company the account was with to send notification to the credit reporting agencies giving the correct account status information.
* Close unused accounts. If you have opened several credit card accounts under the erroneous assumption that this actually looks good on your report, you should know that it doesn’t. Many companies look at the number of opened accounts when determining creditworthiness, and make their decision based on that information, so close some accounts if you need to.