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Verify Credit Card Balances To Improve Credit Score

Here is something everyone can easily do to insure that you are not losing points on your credit score, unnecessarily.

Creditors can do a very sloppy job when it comes to reporting information about your accounts. No surprise here as we have written extensively on this subject. One problem is that they often report your present credit card balance as whatever your highest balance has been on the card.
E.g. If you once had a balance of $5,000.00 on a particular credit card, and now that balance is $2500.00, do not be surprised to see the current balance on the credit report listed as $5000.00.

Here is why this is a problem for you. A large part of your credit score is made up of the debt to available credit ratio. Generally, the lower this number, the higher the score. Any time the current balance is listed higher than it actually is, you will be penalized points.

Capitol One actually routinely reports the highest balance as the current balance. You will want to check your credit reports and verify that the balances are reported correctly. If they are not, you need to write to all three credit bureaus, Experian, Equifax and Trans Union and have it corrected.

You can get a Free Credit Counseling consultation with a Credit Repair Expert in which they will review your credit report and go over it with you.

If you are planning a credit purchase it is always a good idea to check your credit report first, anyway. Staying on top of things like this will insure that you do not have to engage in credit restoration later.

If you enjoyed this article please feel free to visitAMERICAN DEBT ENDERS to subscribe to our FREE Credit Counseling Newsletter.

Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders

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