Can You Add Positive Information to Your Credit Report?

Borrowing from creditors can be difficult if your credit report includes negative information concerning past due accounts and late payments. However, there are some ways to improve the information on your report as a way to rebuild your credit.

The Facts

Although a credit report is based only upon the information that creditors provide to the credit reporting agencies, individuals are ultimately responsible for the way they manage their credit. As a result, maintaining a positive payment history on both revolving accounts and installment loans is the best way to add positive information to your credit report.

Considerations

It is possible to add a friend's or relative's positive credit history to your credit report by having that person add you as an authorized user for one of their credit cards with a good payment history. This method not only adds positive credit history to your report, but may also give you a better utilization ratio and credit score because you will be using less credit than you have available to you.

Warning

You may not be able to add positive information to your credit report by opening a credit card account with a local business or financial institution. According to the Federal Trade Commission, some local retailers, credit unions, travel, entertainment and gasoline card companies do not report account information to credit reporting agencies.