Access your account 24 hours a day, seven days a week using Merrick Bank's new and improved Cardholder Center.

    

Questions about the recent CARD Act?

We believe it is important for consumers to stay up to date on important financial-related issues.

Build knowledge, security and confidence using the "Money Smart" Financial Education Center.

Financial Education

 To Your Credit

Building and Repairing Your Credit History

When you receive copies of your credit reports from one or all of the credit reporting agencies, check each item carefully for inaccurate data.

Data that is not correct on your credit file can be a result of, among other things, a creditor not reporting information accurately, a creditor not updating information on your file, or someone using your information to open credit accounts in your name. This last scenario is also known as Identity Theft.

If you think there is an error on your credit report, contact the credit reporting agency and write a dispute letter. Remember to keep a copy of the dispute letter for your records.

Credit reporting agencies are required to conduct an investigation within 30 days of receiving your letter.

It is your responsibility to ensure that your credit report is accurate. Remember, credit reporting agencies do not investigate the accuracy of reported information unless you ask them to.

You should review your credit report regularly. Some financial advisors recommend reviewing your credit report every year or, at a minimum, before you apply for a large loan.

If you have never had a credit account or loan, there are some ways you can begin to build your credit history.

Remember, negative credit ratings remain on your credit report for up to 10 years, so it is important to always pay your obligations on time.

Ways to build or demonstrate your credit history:

  Apply for a small loan at the bank or credit union where you have checking and savings accounts.

  Apply for credit with a local store, such as a department store. They typically have a lower credit limit and a higher annual percentage rate (APR) but are generally more willing to lend you money. There is usually no fee for department store cards.

  Make a large down payment on a purchase and negotiate credit payments for the balance. If you do not have a credit history but have a large down payment, there is less risk you will not make the payments. For example, if you are buying a used car for $5,000 and have enough cash, you might consider making a down payment of $1,000-$3,000. Although the loan will be very small, it can prove you make your payments on time.

  You might ask a friend or relative with an established credit history to be a cosigner for you. A cosigner promises to repay the loan if you don't. The lender should report the payment information for both you and the cosigner to the credit reporting agencies.

  Pay your bills on time. This will help establish a good credit history, so you can get credit in the future.

  You might ask the lender to review your history of making rent and utility payments to demonstrate your ability to pay.

If you have negative items on your credit report due to late payments, public records, etc., you can begin repairing your credit on your own or get help from a credit counseling agency.

To repair credit on your own:

  Start by contacting credit reporting agencies to get copies of your credit report.

  If there are errors on your credit report, you can contact the credit reporting agency to request an investigation.

Although you can start to repair your credit today by taking certain steps, only consistent efforts and making payments on your debts will improve your credit.

There are many companies out there trying to sell consumers on credit repair scams. Learn to recognize false claims made by companies. Remember:

  No one can have accurate information removed from your credit report.

  If you have bad credit, it can take years to repair your credit legitimately.

  No one can create a new identity for you. Don't let anyone talk you into making false statements or using a fake Social Security number. You may be convicted for fraud.

  You can order your credit report yourself. If you see errors on your report, you can also request that the credit reporting agencies make appropriate changes.