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Once you get your credit report, check for anything that is wrong. Your credit report should give information about how to work with the credit reporting agencies to fix any errors. If you find problems on your credit report that make you believe that you have been the victim of identity theft, then you must contact the credit reporting agencies immediately. You can get assistance from the Texas Foster Youth Justice Project at (877) 313-3688. If you believe you have been the victim of identity theft, then you may also need to close any bank accounts or credit cards that you currently have open, as well as contact the Federal Trade Commission (FTC) and the local police.
For more information about the steps you should take to address identity theft, visit the FTC website.
If you feel like you can’t get your finances under control, think about talking to a professional credit counselor. Many credit unions, military bases, and colleges offer nonprofit counseling programs that help you work with your creditors to come up with a payment plan you can afford. Many creditors are willing to accept smaller payments if you are working to create a plan to repay your debt with a reputable program.
Your credit score is used to predict whether you will pay your bills. It is based on a mathematical formula and there are different types such as FICO, VantageScore, and many more. A credit score uses information about your bill paying history and how much money you owe and uses a formula to award points for each factor. Businesses, landlords, and banks use credit scores to help determine whether to give you credit for a loan, an apartment lease, a cell phone plan, or a credit card. A score can range between 300 and 850. A score over 700 should let you get the best interest rates for loans. The lower your score, the more difficult it is to get a loan, rent an apartment, or get a credit card.
You must pay to get your credit score; it is not included on the free annual credit report. Some banks may provide your credit score as a service of your bank account. When you are just leaving foster care, you are not likely to have a high credit score as you have little or no credit history. Even after you have been out of care for some time, it is not necessary to pay to get your credit score, since there is no guarantee that a potential lender/landlord will use the model or same information as the credit score you purchase.
Once you are sure that all of the information on your credit report is accurate, there is no quick or easy way to fix a bad or mediocre credit score. While infomercials or websites may say they can fix credit scores if you pay them, the only legal way to fix your credit score is by improving your credit habits over time. Credit reporting companies report most negative information for seven years and list bankruptcy information for 7 to 10 years depending on the type of bankruptcy.