ROCHESTER, N.Y. (WROC) — CPA Ryan Lane discussed ways to achieve financial stability and improve your credit score Monday during News 8 at Sunrise.
Lane said the best first step to improving your credit score is to make timely payments and use your credit sparingly. You can request a free credit report from all three major credit bureaus each year – Experian, TransUnion, and Equifax. That will give you a picture of your creditworthiness.
If you’ve amassed debt, Lane said to pay it down and beware of scammers. “You want to watch out for anyone that’s calling you about reducing your credit score. Sometimes it’s a credit collector that’s calling you. If you have a debt that’s gone into credit collection, try calling the credit agencies, they’ll be able to work with you more directly. And also don’t try and close all your credit cards down immediately. The length of your credit history helps and the amount of credit that you have to utilize helps your credit score.”
Lane added pay off your large balances first if you can. Eliminating that debt will improve your credit score and provide greater financial stability.