by Ian Chrisholm & Rachel Stein

One of the most important things you can do is pay your bills on time and be mindful of the pros and cons of applying for and receiving credit. Paying your obligations will reflect positively on you when you apply for credit. However, sometimes we get into trouble with debt or have a personal crisis that prevents us from paying everything. If you have had credit issues and are ready to tackle them and move forward, read on for some tips on "spring cleaning" your credit!

A person's credit report is a vital aspect of their financial wellbeing. Credit reports include personal information such as your social security number, your previous home addresses, and various other personal data. The most important aspect of the credit report is a history of your credit transactions. This includes the use of credit cards, loan payments, and even applying for credit; your report includes a list of organizations that have inquired on your credit report, such as credit card companies and apartment rental companies. There are three credit bureaus or agencies: Experian, Transunion, and Equifax. While many things will overlap, there may be different information on each report because not all creditors report to all 3 agencies. A person's credit report is used to illustrate their faithfulness as a borrower, which  is important when applying for a car loan, mortgage, and other lines of credit, and also when apartment hunting, obtaining a cell phone contract, and in some cases even applying for a job. That's why it is important to check your credit regularly and come up with a plan in case you find that your credit report is less than satisfactory; for example, you may have fallen behind on payments or defaulted on a loan. Fortunately, there are a number of ways in which a person can repair their credit. Follow these steps to get started on "spring cleaning" your credit:

Read more tips on cleaning up your credit here!