Four Things Which May Negatively Affect Credit Scores

1) Unpaid, delinquent debts 2) Slow payments on existing debt 3) All indebtedness is credit cards 4) Maxed out or almost maxed out on credit line(s) available

San Diego, CA - "Thousands of consumers nationwide are being jilted by bogus credit score improvement offers in addition to the credit repair scams, which are still problematic for consumers, according to The Federal Trade Commission (FTC). Most of the consumers who experienced negative outcomes were sold on the concept that the process is fast and easy. Truth is, rebuilding a credit rating and improving credit scores requires both time and patience," said Paul Richard, a Registered Financial Consultant (RFC), who is also the executive director of the award winning, nonprofit Institute of Consumer Financial Education (ICFE), based in San Diego, CA. The ICFE helps consumers improve spending habits, increase savings accumulation and use credit more wisely, in addition to advocating the do-it-yourself approach to fixing credit file mistakes and increasing credit scores.

More Americans families and individuals have accumulated high interest debt than ever before, according to recent studies. Subsequently, some have done significant damage to their creditworthiness and credit scores. In an effort to turn things around quickly, unscrupulous firms using questionable advertising, are preying on people's false hope, that, for a fee, they can purchase a good credit rating and an improved score. Wrong. A bad credit rating cannot be quickly fixed and anyone who promises they can, is trying to scam your money.

Four things primarily adversely affect your credit rating and score. They are: first and most important, defaulted debts - either debts unpaid or sent to a collection agency, including credit cards, auto loans, student loans, mortgages and medical bills. Second, is a slow payment history. Third, if all indebtedness is on credit cards. And fourth, being maxed out or almost maxed out on the credit lines available.

A good way to correct a bad credit rating is to first reverse the behavior that resulted in a bad credit rating and then be patient. Paying all bills on time and keeping debt levels low, a credit record and score will gradually improve. It's unlikely all the debt came about overnight and do not expect a credit rating or score will be improved overnight.

Begin the change by making the monthly payments so that they reach the creditor a few days ahead of the due date. Every time a payment is just a day or two late, it may reported to the credit bureaus and becomes a part of your credit record. Lastly, don't take on any new debt because, if overextended, this will be another strike on the credit report and will also lower a credit score.

For consumers who need assistance, the ICFE's "Do-It-Yourself File Correction Guide," contains the latest amendments to the rules by the FTC, which oversees the Fair and Accurate Credit Transactions Act of 2003 (FACTA). Included in the ICFE's Guide is a list of consumer credit rights, credit file request forms, sample letters to smooth communications with credit reporting agencies and a special bonus section called "Help with the credit puzzle." There is complete listings of major credit reporting agencies and governmental agencies that help consumers.

The cost is still only $10 plus $2 postage anywhere in the USA. To order, send $12 to: ICFE Credit File Correction Guide, PO Box 34070 San Diego, CA 92163 Or please call 1-619-239-1401 OR visit the ICFE on-line at: