Did you know that there are more than 30 million people in the United States with bad credit scores (under 620) so that it makes getting credit cards and loans with fair terms more difficult? To help fix the problem, you need to first face your real credit score, and despite free credit report offers, you still have to pay to find out your score, which is a three-digit number ranging from 300 to 850.

Go to MyFico.com. Or you can get Experian’s “consumer education” credit report. Here are some tips towards credit repair:
1) Use credit cards sparingly. Racking up big balances can hurt your score, regardless of whether you pay your bill in full each month. What is reported to the credit bureaus, and calculated into your score, is the balance reported on your last statement.
2) Pay down or pay off credit cards. The credit-scoring system is based on favorability towards a gap between the amount of credit you’re using and your available credit limits.
3) Rotate your cards. The older your credit history per card, the better it is, so if you stop using a card, the issuers may stop updating the account at the credit bureaus, and it won’t be given as much weight in the credit-scoring formula as active accounts.
4) Keep tabs on your credit limits. If you are charging the same amount each month — say $500 to $800 the credit-scoring formula may think you are you’re regularly maxing out the credit card. Simply pay your balance down or off before your statement period closes.
5) Consider factoring to help pay off credit card debt. You can use single invoice factoring, also known as accounts receivable financing, for immediate cash. IFG Network stands ready to help.

Get Started and find out how accounts receivables factoring can grow your business.