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Protecting and Repairing Your Student CreditThe first encounter many people have with credit and credit cards is during college.
Unfortunately, this is also a time when most people begin getting into debt, simple because the credit card is so easy to use. Therefore, you should check your credit report at least once per year, looking over it carefully for any discrepancies. If you do discover inaccurate information, contact the credit bureau immediately. Unfortunately, an increasing number of college students are becoming victims of identity thief. The following are some simple steps you need to do in order to protect your credit rating and your identity form thieves: Pull your credit report regularly and review it. Just pulling your report wont help you if you
don't know what's in it. Pay your bills promptly and on time. When you pay your bills
late you usually have to pay a late fee as well. Paying your bills on time will save you money.
Know your credit limits and stay within your limit. Going over your limit is like paying your bills late. You will usually incur overage charges. Know your interest rates, this too can save you money. If you have a credit card, that
interest rate has increased and you receive an offer for a lower interest rate. Then by all means consider transferring your balance. However, make sure you read and understand all the fine print, as there may be hidden charges that can end up costing you more money. Every month you should review your credit card statement and compare it to your receipts. If you find any erroneous charges, immediately contact the credit card company and dispute these charges. You may have fallen victim to identity thief. It is not a
joke it is a crime to use someone else's credit card with out their knowledge. Do not let friends borrow your credit cards. Unfortunately, many underclassmen have their credit ruined all in the name of fun by their so-called friends. Case in point, several years ago a young man loaned his credit card to his
roommate just to buy tunes. However, the roommate along with several of his friends charged up over $2,000.00 on the card. Fortunately, this case ended well for the credit card holder. He
wasn't held responsible for the amount, however, the roommate and his friends were ordered to repay the amount and they were expelled from school. Do not let friends put bills in your name, if they do not pay the bill on time, it will ruin your credit not theirs. Repair damaged credit as soon as possible. The longer you wait to repair your
credit the worse it will get. However, you must keep in mind that it took time for your credit to get bad. Therefore, it will take time to repair it. If the situation is extremely difficult, then you may want to consider contacting your college financial office, and asking if they provide a credit repair service, most colleges do offer some kind of credit counseling, who specialize in credit repair and should be able to help you with most credit problems. If your college
doesn't offer this service, then contact your local Consumers Credit Counseling Service. There are also other organizations that can help you. However be warned that there are some dishonest agencies that are only interested in filling their pockets with your money. They make promises they cannot keep. In addition, you should avoid expensive debt repair services---If the agency charges an enormous fee, chances are they are a scam. Repairing your credit is relatively cheap, and in many cases, it is also free. Therefore, before deciding on any particular credit counseling organization, first check out their Better Business Bureau file. The right credit counseling agency will be able to work with you to develop a budget, and repayment plan, as well as help you rebuild your credit.
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