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Whether it’s a car loan or a home mortgage, having better credit makes it easier – and less costly – to borrow money from lenders.

There are a number of ways to improve your credit report. Here are a few of the steps you can take to not just have better credit, but also better manage your finances:

  • Track your expenses for one month to see where your money is going, and create flexible budget.

  • Review your credit reports. Make sure negative items are removed if they are inaccurate or incomplete. You can get a free credit report from three credit reporting agencies.

  • Stop using credit cards. Keep low balances on credit cards.

  • Join a credit union, which typically is more likely to give you a loan than a regular bank.

  • Avoid bankruptcy, which should be seen as a last resort.

For more information on building your credit, read this Consumer Advisory.

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