Identity theft is when someone uses your personally identifiable information (like Social Security number, financial account numbers, credit card numbers, etc.) to commit crimes or fraud.

Identity theft is a growing crime these days, and it’s important to know about identity theft protection so you can guard against unwanted compromises with your financial information.

Istockphoto.com/Selimaksan

Below you’ll find stats on identity theft and some ways the Federal Trade Commission is encouraging you to protect yourself from identity theft.

Statistics on Identity Theft

Here are the  latest statistics on identity theft according to Identity Hawk:

• There were more than 11 million ID Theft cases in 2009
• 66% of stolen personal information is used to open new credit accounts
• 28% is used to buy cellphone subscriptions
• At least 33% open new checking accounts to write bad checks
• An identity theft victim spends on average 330 hours and $1,000 clearing his or her name
• 70% are unsuccessful in removing negative credit information from their credit reports
• 47% of victims experience difficulty getting any kind of credit
• 40% report profound stress in their personal lives as a result of identity theft
• 11% say that the theft has impaired their ability to get jobs (with more employers looking at applicants’ credit information when making hiring decisions, this trend is expected to increase)
• 43% of victims think they know the thieves who stole their personal information

Helpful Identity Theft Protection Tips

The FTC has a catchy way to remember identity theft protection tips. You can view the document here.  Here’s what it says:

Deter

• Shred financial documents and paperwork with personal information before you discard them.
• Protect your Social Security number. Don’t carry your Social Security card in your wallet or write your Social Security number on a check. Give it out only if absolutely necessary or ask to use another identifier.
• Don’t give out personal information on the phone, through the mail, or over the Internet unless you know who you are dealing with. Avoid disclosing personal financial information when using public wireless connections.
• Never click on links sent in unsolicited emails; instead, type in a web address you know. Use firewalls, anti-spyware, and anti-virus software to protect your home computer; keep them up-to-date.
• Don’t use an obvious password like your birth date, your mother’s maiden name, or the last four digits of your Social Security number.
• Keep your personal information in a secure place at home, especially if you have roommates, employ outside help or are having work done in your house.

Detect

• Be alert to signs that require immediate attention:
  • Bills that do not arrive as expected
  • Unexpected credit cards or account statements
  • Denials of credit for no apparent reason
  • Calls or letters about purchases you did not make
  • Charges on your financial statements that you don’t recognize

• Inspect your credit report:
  • Credit reports contain information about you, including what accounts you have and your bill paying history.
  • The law requires the major nationwide consumer reporting companies—Equifax, Experian, and TransUnion—to give you a free copy of your credit report every 12 months if you ask for it.
  • Visit www.AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free annual credit reports. You also can write: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
  • If you see accounts or addresses you don’t recognize or information that is inaccurate, contact the credit reporting company and the information provider. To find out how to correct errors on your credit report, visit ftc.gov/idtheft.

Defend

• Place a “Fraud Alert” on your credit reports, and review the reports carefully. The alert tells creditors to follow certain procedures before they open new accounts in your name or make changes to your existing accounts. The three nationwide consumer reporting companies have toll-free numbers for placing an initial 90-day fraud alert; a call to one company is sufficient:
  • Experian: 1-888-EXPERIAN (397-3742)
  • TransUnion: 1-800-680-7289
  • Equifax: 1-800-525-6285

  Placing a fraud alert entitles you to free copies of your credit reports. Look for inquiries from companies you haven’t
  contacted, accounts you didn’t open, and debts on your accounts that you can’t explain.

• Contact the security or fraud departments of each company where an account was opened or charged without your okay.
  • Follow up in writing, with copies of supporting documents.
  • Use the ID Theft Affidavit at ftc.gov/idtheft to support your written statement.
  • Ask for verification that the disputed account has been dealt with and the fraudulent debts discharged.
  • Keep copies of documents and records of your conversations about the theft.
• File a police report. File a report with law enforcement officials to help you correct your credit report and deal with creditors who may want proof of the crime.
• Report the theft to the Federal Trade Commission. Your report helps law enforcement officials across the country in their investigations.
  • Online: ftc.gov/idtheft
  • By phone: 1-877-ID-THEFT (438-4338) or TTY, 1-866-653-4261
  • By mail: Identity Theft Clearinghouse, Federal Trade Commission, Washington, DC 20580

In our last article, we talked about 5 money myths about housing and taxes.

That was based on an article posted by Investopedia, which discussed various money myths that can end up being costly.

Today, we will talk about misconceptions surrounding investing and money.

5 Money Myths About Investing And Money

I Don’t Have Enough Money To Start Investing

There are many online brokers that will allow you to start an account with less than $50! That means that there really isn’t much of a barrier left to begin investing.

Of course, you can’t buy a lot of anything with $50, but getting started is usually the hardest part.

If you are saving for retirement or some other goal, starting today – even with small, monthly deposits – can make a huge difference when you need to rely on that money!

Once you get a little momentum, you’ll be motivated to take advantage of both 401k contribution limits and IRA contribution limits. But the key is to start today.

www.istockphoto.com/kiamsoon

The Stock Market Is Tanking, So I Should Sell My Investments And Get Out Before Things Get Any Worse

This is one that really bugs me because it shows complete panic and a failure to think rationally. Let’s take a look at how this usually plays out…

People get fearful and panic when stock prices fall. That causes them to sell at or near the lowest possible point. Then when the market starts to recover and prices rise quickly, they jump back in and buy at a very high price – the price is usually pumped up by irrational exuberance, and will drop to a more reasonable level shortly.

So, what usually happens is that they buy at a high price and then sell at a low price. In order to be successful at investing, we need to be disciplined enough to do the opposite. That means that we can’t just follow the crowd during times of panic or excess excitement. We need to embrace a contrarian strategy!

I’m Young – I Don’t Need To Worry About Saving For Retirement Yet. / I’m Old – It’s Too Late For Me To Start Saving For Retirement

Even though it is now harder for a creditor to garnish Social Security benefits, it would still be wise for you to set up other means of retirement savings now! There are two things that you can take advantage of in your youth – compound interest and time to recover from mistakes. You will need both if you plan to maintain a decent standard of living in retirement.

If you are closer to retirement, then you can still take advantage of catch-up contributions and your employer 401k match. Keep in mind that there is no rule that states that you can’t save for retirement outside of a traditional “retirement” account. You just might not get the same tax breaks, but you can still put money aside for your golden years.

If you are getting a late start with your retirement savings, this may end up being the best retirement plan for you!

You Get What You Pay For

Considering the fact that people end up paying different prices for the same item/service, this idea can’t be completely true. If you follow this line of thinking, you will be stuck paying the highest price for every thing that you buy, or be willing to pay for maintenance and/or replacements often.

This money myth is usually given by those who wish to justify a huge purchase. They claim that being careful with your finances and looking for a bargain, will cause you to buy a cheap product that will need replacing often.

As with anything in life, you can’t just assume something is true just because you hear it often. As you can see, doing so can have a tremendously negative effect on your finances!

Carrying A Balance On My Credit Card Will Improve My Credit Rating

When I first got a credit card, I heard this money myth a lot. Unfortunately, it is still going strong. Many people think that in order for a credit card to have a positive effect on your score, you need to carry a balance each month, and if you pay it off at the end of the month, it will negate that positive effect.

This thought has caused many people who had the money to pay off their credit card at the end of the month, to only pay a portion of it, and having to pay interest on the rest!

When we talked about ways to increase your credit score, we mentioned that your credit card balances play a part in determining your rating. However, the most important things to know about your balance is that you should pay it off each month, and you should keep it under 30% of your available credit.

You can even use your card to cover your living expenses – in order to take advantage of certain credit card benefits – but just be sure to pay it all of at the end of the month! This will have the most positive effect on your credit score.

Reader Questions

1. How many of these money myths have you believed at some point in the past?
2. Which ones do you still think may be true?
3. How do myths that have been proven wrong time and time again, continue to stay popular across generations?

Starting a business necessarily involves significant amounts of capital spending. The industry, and the product or service the business seeks to provide, may dictate purchasing equipment, factory or office space and hiring employees.

Entrepreneurs who want to start a business and work at building it full-time have little choice but to go into debt. The alternative is to issue shares of stock to investors in anticipation of future dividends. Since a new business is not likely to attract venture capitalists, financing the creation of a business through debt is the only option.

A new business has access to several potential sources of credit. The business owner can apply for a business loan from a bank, preferably one with whom the owner has a prior relationship. This is risky because the owner may be turned down and have to look elsewhere for credit.

Credit cards may be the answer to his dilemma. Charles Huang of Harmonix maxed out his credit cards to finance the business in 2007. The popular video game series, “Guitar Hero,” grew of his efforts. The founders of the search engine Google, Sergey Brin and Larry Page, also used their credit cards to fund the start-up in the mid 1990s.

[Side note from Jason: There are hundreds of examples of credit cards backfiring as well.  A business credit card can get you through times when cash flow is tight. As always, you must have a solid business plan to grow your sales and increase your revenue]

Personal Credit Cards

The quickest way to starting a business is to use personal credit cards. This route is a fast track to either success or failure, depending on the start-up idea and execution. The trade-off is to go into debt now in order to make enough money to pay it off later. The entrepreneur borrows from his future success in order to start the venture and get it going. The primary motivation for these businessmen is the chance to try something big and turn a hobby or a crazy idea into a profitable enterprise.

Using personal credit cards to do this is fraught with pitfalls. Creditors may get jittery when faced with rapidly increasing debt loads and suddenly lower credit limits. Alternatively, using so much available credit increases the credit utilization ratio, which can also trigger negative consequences. The ratio is a useful indicator of the risk of default. The higher the ratio, the higher the risk of default, at least in the minds of creditors.

Small Business Credit Cards

The differences between personal credit cards and business credit cards do not mean that entrepreneurs should treat them differently. For a start-up with no capital and no history, creditors view it as indistinguishable from the owner. The owner’s credit history becomes the business’s credit history. All the steps borrowers can take to clean up their credit report will help them get approved for a business credit card.

The risks are different with small business credit cards than with personal credit cards. The regulations and rules of the Credit CARD Act of 2009 do not apply to small business credit cards. Entrepreneurs have more flexibility for their funding needs at the cost of increased risks, like a sudden rise in interest rates or lower credit limits. The advantages of small business credit cards can help compensate for these risks. Some cashback credit cards are specifically tailored for business purchases and can offer as much as 3%.

But with anything, you must be sure to weigh the costs, and make an informed decision.

Anothony Benedict writes for CreditDonkey.com, a credit card comparison site.

There are so many scams out there that claim to be able to fix or repair your credit. Many of them will actually charge you an outrageous fee and pretend to wipe all negative information from your credit report. Finding and fixing problems with your credit is easier than it seems. Learn how to increase your credit score with these simple, yet effective techniques.

How To Increase Your Credit Score:

Get A Copy Of Your Credit Reports

Before you can improve your credit score, you need to know exactly what makes up that score. That is why the first step in this process is to request a copy of your credit reports. We can’t look at how to increase your credit score without first seeing the details!

Although there are many credit bureaus, you really only need to focus on the three major players (Equifax, TransUnion, and Experian). Everyone is entitled to one free copy of their credit report from each of the 3 major bureaus each year. Simply go to AnnualCreditReport.com (this is the official site…don’t fall for those other emails and pop-up ads) to request free reports from each of the three credit bureaus.

One thing to note, is that you are only entitled to see a copy of your report for free, if you want to see your score, then you’ll have to pay a small amount (around $7 or $8 for each report).

Dispute Any Errors

Once you have a copy of each of your credit reports, check them thoroughly for any errors. If you find an error on your credit report, you have the right to dispute it.

This would mean writing a detailed letter to the credit bureau, explaining what the error really is, and requesting an investigation. Annual Credit Reports makes this entire process really easy.

When exploring how to increase your credit score, this is one of the easiest ways to have a huge impact.

Pay Your Bills On Time

Your ability to pay bills on time makes up 35% of your credit score! This is why having just one late payment reported to a credit agency, can be detrimental! Make sure that if you are already late on a payment, you become current as soon as possible. If your late payment was made recently, call your creditor and ask (or beg) them to forgive your tardiness – this will help you to avoid the late payment fees as well as the hit to your credit score.

If you already have a late payment on your report, the best thing that you can do is to be current on all your accounts from now on. The further away in the past your delinquent payment is from today, the smaller the negative impact on your finances.

Pay Down Your Balances

Having balances that are close to your credit limits does damage to your credit score. The amount of debt that you have constitutes 30% of your score!

Look through all of your accounts and immediately pay down any one of them where your debt to credit limit ratio is more than 30% (this would be more than a $300 balance on a $1,000 limit). Once you have done this, then go through the same exercise, but this time aiming for 10%.

If you are looking to have a sudden impact on your credit score, this is probably the best way. It may require a huge sacrifice (like a temporary 2nd job, or selling some of your “stuff”), but it probably be worth it.

Don’t Close Old Accounts

The age of your accounts also has an impact on how creditors view you. The more “old” accounts on your report, the better your credit score will be (holding all else equal).

This means that you must try to keep open old accounts – even if you don’t use it anymore. Actually, you may want to get a little use out of your older credit cards – buy a tank of gas each month and pay it off right away – this way, they won’t be tempted to cancel your account due to inactivity.

Don’t Apply for New Accounts

Another implication of account ages, is that you should avoid opening any new accounts (with possible exceptions…see below). This is because once you get these accounts, they will bring down the average age of your credit!

Also, every time you apply for credit the bank has to pull your credit report, which is noted as an inquiry. These types of inquiries will reduce your credit score, and they account for 5% of the total. So even if you see a bank offering great credit card benefits, don’t apply!

Take Out An Installment Loan

Most of us – especially when we’re young – tend to focus solely on revolving credit (such as credit cards). However, banks and other lenders like to see how you handle installment loans as well. These are typically mortgages, auto loans, student loan repayments, and personal bank loans.

I remember when I tried to borrow money to buy a car when I was younger. I was told that I couldn’t get a loan for a used car because my credit score was too low. To me, this didn’t make sense because I handled my credit cards very responsibly up to that point. However, they then explained to me that since I didn’t have an installment loan, my credit score still wasn’t as high as they wanted.

So, I had to buy a new car in order to qualify for a loan – I actually needed a cosigner in order for everything to go through.

If you are in a similar situation, then try to take out a small personal loan from your local credit union or small bank – they are usually easier to work with – then be faithful to pay it back on time. Your credit score should see a nice improvement after this.

Reader Questions

1. What things have you done to increase your credit score?
2. Have you ever been denied a loan because you haven’t borrowed enough in the past?
3. Do you think we should focus on our credit score as much as we do?

When selecting a credit card or a charge card there are myriad options and features to consider. You must compare rates and fees, decide what type of rewards you want (in any), and determine from which issuer and on what network your card will be.

The breadth of this process is ever-changing as features, products and even credit card companies emerge and fade away. One feature that has surfaced and garnered significant attention recently is called No Preset Spending Limit (NPSL). Visa Signature credit cards, World MasterCard credit cards, and the charge cards from both Chase and American Express all have this feature, but what is NPSL exactly and should you get a credit card with it? Let’s find out.

No Pre-Set Spending Limit (NPSL) Defined

NPSL merely means that a card’s limit is variable, changing on a month-to-month basis in accordance with spending habits, demonstrated payment responsibility and trends in the overall economy.

Therefore, contrary to popular belief, cards with NPSL do not have limitless spending capabilities. In fact, NPSL card limits really only differ from those of standard credit cards in that they change regularly and users don’t know what they are.

Credit card companies don’t release their NPSL cards’ limits because doing so would bust the myth of unlimited spending power that serves as one of the primary reasons many people get such products. Therefore, in terms of spending capabilities, all an NPSL card will really provide relative to a standard credit card is uncertainty.

You never know exactly how much available credit you have at your disposal with an NPSL card, which increases the likelihood that your card will get declined unexpectedly and makes it difficult to budget or feel confident in making large purchases.

Pure spending utility is not the only measure of a credit card though. It is also important to evaluate the NPSL feature’s effect on a user’s credit standing. According to an NPSL Card Study by CardHub.com, in most cases, NPSL issuers report proxies to the credit bureaus in place of their card’s true spending limits, again with the intent of preserving the myth of unlimited spending.

NPSL Cards and Your Credit Score

This practice is significant because FICO (the most widely used credit score) and lenders both incorporate information from the credit bureaus into credit-risk evaluations. As a result, proxy limits can provide a misleading sense of your fiscal responsibility.

For example, a proxy limit that is lower than your actual credit limit will make it seem as if you’ve exhausted more of your available credit than is really the case. Since high credit utilization is negatively regarded by creditors, using an NPSL card could thus result in your credit score falling through no fault of your own.

NPSL issuers also use a variety of different proxy limits, making the effect they have on your credit often unpredictable. In addition, they sometimes simply choose not to report information about their cards’ limits, making it seem as if your card doesn’t provide any revolving credit. In contrast, for their non-NPSL cards, issuers tend to report actual credit limit information, meaning that if you have one, your credit score will only reflect your usage, not a credit card company’s secrecy.

NPSL Cards Not Worth the Hype

By now, it’s becoming pretty clear that the NPSL feature provides no real benefit. This sense is elucidated even further when you consider the fact that excellent credit is required for NPSL card approval.

In comparing NPSL products to other spending vehicles for people with excellent credit, such as traditional rewards credit cards, the answer to our original question becomes quite obvious: No, you should not get a credit card with NPSL.

This article was written by Odysseas Papadimitriou, CEO and Founder of CardHub.com, a website that helps consumers compare credit cards and buy discount gift cards.

Many financial planners and credit score experts recommend that you do not cancel your credit cards because doing so will lower your credit score.

While they are technically correct, I am not listening to conventional wisdom. In fact, I am cancelling my credit cards largely because I have always had more credit cards in my wallet than the average person.

If you care about your long term credit score, financial health, and reducing your risk of identity theft, you should follow my lead and cancel all but one credit card.

Canceling Your Credit Cards Hurts Your Credit Score

Closing credit card accounts does have a temporary negative effect on your credit score. Your credit score is based on a host of factors such as length of credit history, amounts owed, types of credit, amount of new credit, payment history, and other factors.

The longer you have had old credit card accounts typically means you have a long credit history.  This information is held with Fair Isaac Corporation, which issues a FICO Score, the most widely used credit score in the nation.

So, if you close a long standing account, you will receive a small ding on your credit score because it will look like you have not been trustworthy for a long time.

Closing a credit card account will also raise your credit utilization rate which is also referred to as the percentage of your credit limit that is available for use. 

For example, if you have four credit cards with credit limits of $10,000 each and you have one card with a $5,000 balance and three with $0 balance, your credit utilization rate is 12.5%. But, if you close the three credit cards with zero balances, your utilization rate will jump to 50% lowering your credit score based on the formulas the credit bureaus use ($5,000/$10,000 = 50%).

Why Buck The Trend And Cancel Your Credit Cards?

There are several reasons why you should consider canceling all but one credit card…

1. The hit on your credit score is temporary

When you cancel a credit card and close the account, depending on how long you have had the card, your credit score will see a slight dip because it may now look like you have not had credit in your name for as long a period.

These factors only account for a small piece of your credit score, and you can see your score continue to rebound from that small dip as you hold your remaining cards longer. The dip is only temporary. Over the long term, you will see your credit score improve and return to a high level.

2. Reduces the risk of identity theft

Having fewer credit cards reduces your chance of identity theft. I move around a lot to different cities with my job, and had a horrible time keeping up with changing my mailing addresses because I had so many credit cards.

Eventually, I began getting tagged with credit cards that changed their fee structures including annual fees. I thought the credit cards had zero balances.  But they didn’t, and annual fees and late fees were racking up because I had too many cards to keep track.

3. Keeps you from spending money you don’t have

Research shows that people spend more using credit cards despite paying off the balance every month. People spend 12-18% more when using credit cards than when using cash.

Fast food giant, McDonald’s, found that the average transaction rose from $4.50 to $7.00 when customers were allowed to use plastic instead of cash in its restaurants.

There is a risk that you will spend more money if you have more credit cards in your wallet and more available credit to your name. Keeping the number of credit cards low is one way to keep your spending in check.

The benefits of closing credit cards that you do not use far outweigh the negative consequences. The experts are right, your credit score will suffer a bit in the near term, but it will soon recover. 

You will have fewer credit cards, be less tempted to overspend, and more protected from identity theft in the long term. The average American has over four credit cards in their wallet. Nothing good can come from having that many.

The fewer credit cards that you have are better, and that is why I am canceling all (but one) of my credit cards.

This is a guest post by Hank Coleman who is a staff writer for CreditScore.net.  Hank is the founder of several financial websites and a staff writer for several blogs as well. He holds a Bachelor’s Degree in Business Administration, a Master’s in Finance, and is currently studying for his Certified Financial Planning (CFP) credentials. Be sure to follow Hank on Twitter.

If you haven’t yet, consider staying current with Redeeming Riches by receiving my posts FREE through email or RSS Feeds here.  Also, follow me on Twitter here.

Friday Finance Round Up is a weekly post that includes interesting articles and blog posts on money found during the week from across the web.

The US Government’s Credit Score – Loans and Credit

This is a scary look at what Uncle Sam’s credit score would look like if we could rate it!

Investing and Money Rules of Thumb – Financial Highway

Great post by Financial Highway for those looking for some rules of thumb to start out with.

10 Attributes of the Perpetually Broke – Bible Money Matters

Pete offers some telling signs of those who always seem to be having financial difficulty.  The last one was particularly insightful.

Weekly Links

This past week was a good one for links.  Here’s a look at what went on:

• Do You Recognize These 5 Roadblocks to Reaching Your Financial Goals was included in Evolution of Wealth’s Sunday Link Rodeo and at JoeTaxpayer’s “Reading My Fellow Finance Writers” round up.

• 5 Ways to Win the Race to Retirement was included in One Money Design’s Weekly Round Up and also included in Buck$ome Boomer’s Journey to Retirement round up.

• How to Save (Potentially) Thousands by Spending $3.99 was included in the Carnival of Pecuniary Delights hosted by Financial Highway

• Should You Buy Accidental Death Insurance was included at Fiscal Geek’s Thursday Round Up

Be sure to follow me through email, RSS Feeds here and on  Twitter here.

Friday Finance Round Up is a weekly post that includes interesting articles and blog posts on money found during the week from across the web

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US Debt Clock - US Debt Clock.org

Wow!  This is disturbing!!

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 The Nefarious Hidden Costs of Debt - The Personal MBA

Are you an indentured servant to your creditors?

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Backlash Against AARP – Sound Mind Investing

SMI takes a look at why AARP members are canceling their membership.

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Credit Score Changes – Gather Little By Little

Lending institutions continue to tighten the belt, will these changes affect your score?

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How to Make Money on Ebay – Money Help For Christians

I’ve been wanting to do a post like this myself.  Great stuff from Craig on how to make some extra cash on ebay.

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Fix Your Credit Score By Applying These Tips!

With credit playing “hard to get” during this most recent economic downturn and lenders raising their standards for doling out cash, it’s more important than ever to boost your odds of getting a loan with a good credit score.  

Here are five tips to help fix your credit score and give you a greater chance of getting that cash you may need.

A. Annual Check Up

Getting an idea of what your credit score is has become so much easier now with government legislation that gives everyone the right to request one free credit report each year. 

I highly suggest visiting annualcreditreport.com to request your free copy.  Knowing where you are will help determine your next steps.

B. Be Punctual

This is so simple, yet it’s amazing that many folks think being a couple weeks late on their payment is no big deal as long as they are paying something. 

According to CNN Money, ”someone with an average credit rating of 707 can raise their score by as much as 20 points by paying all their bills on time for one month.” 

C. Clean Up Errors and Old Information

Check your report carefully to see if there is any outstanding information that shouldn’t be showing up. 

Perhaps an old doctor bill or credit card still shows a balance.  You’ll want to check for accurate credit limits from your card issuers as well. 

You can fix your credit score typically by taking care of these things with a phone call to one or more of the reporting agencies. 

Experian – 888-397-3742
TransUnion – 800-916-8800
Equifax – 800-685-1111

D. Don’t Close Old Accounts

This may seem counterintuitive, but closing old accounts will not fix your credit score it will generally hurt it.

This is because the reporting agencies want to see a nice long history of using credit.  According to Fool.com, “lenders take a hard look at the ratio between the balances on your revolving accounts and your total available credit. If you do have debt, try to keep it to less than 30% of your available credit.”  If you start closing your accounts, your debt-to-available-credit ratio goes up and impedes your score.

E. Eliminate Debt

As mentioned, lenders typically like to see a debt ratio of 30% or less. 

No debt would be ideal!  Get serious about improving your credit score by getting serious about eliminating debt, especially paying down those credit cards. 

Managing your debt responsibly will help boost your score tremendously.

 Breakdown of How Credit Scores Are Calculated:

Improving and fixing your credit score won’t happen over night, but with simple discipline and some practical steps you can start seeing improvement in a very short time.