As part of your personal Financial Fitness Plan, you need to read every financial document you get.  Yes, really.  Everything.  You’re probably wondering how this could possibly be connected to improving your credit rating and getting a better credit score.  There are actually several ways.  The bonus is that almost all of them can help you save money.

CREDIT CARD STATEMENTS
Look at your credit card statements every month to be sure all of the activity on the account is yours.  Unknown charges could be an indicator of fraudulent use and/or identity theft. 
- By contacting the credit card company to report fraudulent charges immediately, you should not be responsible for paying any of those charges.
- By catching identity theft early, you will minimize the amount of time and money spent trying to correct it later.  The chance of a fraudulent account going unpaid and to a collection agency is also reduced.  Collection accounts, whether legitimate or not, are a derogatory item against your score while they are listed on your credit reports.      
Errors do occur
- If there is a duplicate charge for the same item, it raises your account balance which makes your payment higher and also affects the second largest part of your credit score, the balance-to-credit-limit. 
- If your payment is not listed on the correct date, you may receive a late fee and it possibly could end up as a late payment on your credit report, negatively affecting the largest part of your score, your Payment History.
- If you were charged a fee in error, contact the company right away.  Request written confirmation of the correction and be sure to write down the date, time and name of the person you spoke with.

Changes to your account
Some credit card companies are raising interest rates, even on customers with a good payment history. 
- Contact your company and request a lower rate; emphasize your loyalty and timely payments.  You may have to talk to several people before getting to the one that can make a decision.  Keep a written record of the conversation and when they agree to a lower rate, request it in writing.

Some of these companies are lowering credit limits on long-standing accounts, often with no prior notice.
- A lower limit on an account with an existing balance can drastically change your balance-to-credit-limit, impacting your credit scores.

BANK STATEMENTS
Banks are among the many companies raising fees to increase their bottom line.  Check your statement to be sure you are not being charged for fees that you shouldn’t have.  A recent article in the Wall Street Journal highlighted the $25 monthly fee that was being charged on the “free” checking account.
- Contact your bank immediately to request the fees be removed and the charges reversed.  As always, get it in writing to protect yourself.
- Ask for an account review to be certain that you are receiving the best services available for your type of account usage.

BILLING STATEMENTS
Solicitations for products and services often look like legitimate bills that arrive in the mail.  And these companies are counting on most people being too busy to read all the fine print on the statement or too worried about having an unpaid bill to check into it further. 
- Don’t just pay a bill if you do not recognize it immediately.  Take the time to investigate the statement before sending a check.

This applies to business owners, too.  The Arizona Republic reports on a scam that is targeting businesses by sending a notice that corporations need to file their “Annual Minutes Disclosure Statement” along with a bill for $125.  None of this is legit, although it looks and sounds real.  And people send in their money thinking they need to do so to stay in compliance.
- Always read your billing statements, especially if you are a business owner.  Take the time to contact the actual government agency if you receive something you are not sure about; or contact the Better Business Bureau for verification.

You can grow and protect your good credit by following a Personal Financial Fitness Plan.  We can provide detailed information to help your credit rating with your Credit Analysis.  And keep reading those statements.