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How to Build and Maintain an Excellent Credit Score to Save on Borrowing Costs


NEW YORK (MainStreet ) — Building and maintaining an excellent credit score  helps consumers save money when they need to obtain a loan.

The higher your credit score, the more lenders are willing to give you a lower interest rate, which means consumers can save additional money down the road.

Maintaining a good credit score is even more critical when you are ready to tackle larger goals such as obtaining a mortgage or refinancing your existing one.

Here are the top ten tips consumers can use to build and maintain outstanding credit scores:

1. Review your credit reports for accuracy once a year. If you see any inaccuracies  on your reports, such as the wrong address or an incorrect outstanding balance on a credit

card, you can correct them online.

“It’s important to start out with accurate reports  – then keep them that way,” said Kevin Gallegos, vice president of the Phoenix operations for Freedom Financial Network, a company which helps consumers resolve debt issues.

Go to  and obtain a free credit report once every 12 months from each of the three major bureaus.

“So often people chase their credit score, forgetting that it all starts with the credit report,” said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling, a Washington, D.C.-based non-profit. “A credit report is a reflection of a person’s financial track record. The score is a predictor of risk, a tool that lenders use in the decision process, based on the contents of the report.”

Category: Credit

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