The Consumer Federation of America released a study July 19, 2007, stating that consumers could save more than $20 billion a year if they increased their credit score slightly.
On average, each consumer who increased his or her FICO credit score by just 30 points could reduce their credit finance charges by $76 a year.
The CFA claims that most Americans are clueless how their credit scores affect important areas of their lives.
Their report is found at:
http://www.consumerfed.org/pdfs/Credit_Score_Release_07_19_07.pdf
Solution? Paying all bills on time, refraining from using too much of their available credit on their credit cards, paying down debt instead of buying more things, and monitoring and disputing errors in their credit reports are the four best ways consumers can raise their credit scores, according to the report.
The FICO credit score, by Fair Issac Corp., is the benchmark credit score used by 9 out of 10 lenders. Fair Isaac's website (http://www.myfico.com/) details how consumers can lower the cost of loans simply by raisng their credit score by relatively small increments.
We've been compiling free tips on how to improve your credit scores at FindHow2.com since March 2006. We invite you to log on today to learn how to get better credit.
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