Help to Improve Credit Scores

Loss of employment, unexpected medical expenses and economic downturns can all have an effect on your credit rating. The effects of a low credit score can include higher interest rates on loans and other types of credit, an increase in cost for some types of insurance, problems renting a home or issues obtaining a job. Help to improve your credit score can come from many sources, including the federal government and various private resources.

Federal Reserve System

The Federal Reserve is the central bank of the U.S. Its primary function is to influence and help stabilize the monetary and financial stability of the country. One of the primary goals of the Federal Reserve is to improve credit conditions in the economy and protect the rights of consumers. As such, it offers a wide range of information, resources and links to various publications created to help consumers improve their credit score. Much of the information is available through the Board of Governors of the Federal Reserve website.

Federal Trade Commission

The Federal Trade Commission (FTC) was formed in 1914 and is the only federal agency with both consumer protection and competition jurisdiction. The FTC administers its duties through the Bureaus of Consumer Protection, Competition and Economics. The FTC offers information and resources for consumers related to improving credit scores, the Fair Credit Reporting Act and filing complaints against creditors or credit reporting agencies. There is also a database of information related to credit repair scams and identity theft.

Credit Counselor

Private credit counseling companies serve as middleman between consumers and creditors. They work to negotiate terms and agreements that allow consumers to pay off existing debt and possibly improve their credit situation. Reducing interest rates, eliminating late fees or over-limit penalties and reworking payments are tactics used by credit counseling companies on behalf of their clients. Credit counseling companies typically charge a fee for their services.

Credit Reporting Agencies

While many consumers view the various credit reporting agencies as the enemy, they can actually offer a wealth of information and help to improve your credit score. Each of the three major agencies, Equifax, Experian and TransUnion, offer information on how to dispute report details, update old information and understand your credit score. Customer service personnel can also help guide consumers through the steps necessary to help improve credit scores.