Whether you are focused on purchasing property of your own or you are concerned about any aspect of maximising your personal credit, it’s important as well as wise to pay keen attention to credit – related issues. With that in mind, this article will attempt to briefly identify ways to improve your credit
1. Obtain a copy of your Credit Report: You can obtain a free credit report annually from any one of the major credit bureaus in Nigeria, CRC Credit Bureau or Credit Registry. Look at more than merely the rating number and examine the reasons why! Review this document carefully and inspect for any errors, etc.
2. Correct errors: Proactively correct all errors! You can do so yourself by contacting your lending financial institution and making a complaint. They are mandated to ensure your credit records are accurate.
3. Pay down your debts: Begin to pay down your obligations. Prioritising and paying off those with the highest interest rates first will reduce your monthly obligations while enhancing your personal credit! Lending institutions weigh your existing debt when making decisions about granting future loans.
4. Avoid new debts: When paying off your existing bills, avoid making the mistake of acquiring any new debt except to consolidate your loan obligations.
5. Check again, after about 6 months: Improving your credit takes time, effort, commitment, and personal discipline! If done properly, you should begin to see improvements in your credit score. After about 6 months, check again!
Original article by Richard Brody
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