Boost a Credit Report Fast

Your credit reports are more important than ever. Mortgage lenders look at them when deciding whether to lend you money. They also use your credit score to determine the interest rates you pay on that money. Lenders study your credit reports before giving you a car loan or business loan. Even car insurers look at your credit score. Fortunately, there are steps you can take to provide a quick boost to your credit reports.

Correct Any Errors

The fastest way to boost your credit score is to correct any errors that appear on your credit reports.

Three credit bureaus--Equifax, Experian and TransUnion--maintain credit reports on you. These reports detail your history of managing your money, paying off your debts and paying your bills on time. The better financial record you have, the higher your credit score--computed from the information contained in these reports--will be. Generally, scores of 720 or above are considered good.

If your score isn't at this level, you should first search for and correct any mistakes that are on your credit report. You can order one copy of each of your three credit reports from the website AnnualCreditReport.com. This site is run by the three credit bureaus, and you are allowed to order one free report from each of them every 12 months.

Once you get your reports, look for any credit card accounts that are listed open even if you have closed them. Look, too, for any late payments that are incorrect.

If you spot any errors, notify the credit bureau in writing. You can find the bureaus' mailing addresses on their websites. You can't write in or e-mail corrections. The bureaus only accept corrections in writing.

Once the mistakes are taken off your credit reports, your credit score should quickly improve.

Pay Bills

Your next step should be to establish a new credit history. This means making it a habit to always pay your bills on time. Once you establish this new trend, your credit scores will rise.

You won't see instant results. But becoming a good consumer is one of the more effective ways to quickly boost your credit score.

Next, pay down your debt. If your revolving debt--the debt on your credit cards--is too high, your credit score will fall. To do this more quickly, make sure to always pay more than the minimum amount due each month on your credit cards. You might consider making two payments each month to cut down on the amount of interest you'll have to pay and the time it takes to slash your debt.

Avoid Scammers

Unfortunately, there are many unethical companies who promise that they can instantly improve your credit. They can't. There is no way to "instantly" boost your credit. The best ways to quickly improve it are to pay down your debts, pay your bills on time and correct errors on your credit reports.

These companies are promising something that they can't deliver. What they do is what you can do on your own, only they'll take your money while doing it. Avoid these companies and boost your credit report on your own.