In February 2011, the IRS announced a set of new policies called the “IRS Fresh Start” program regarding unpaid taxes in an effort to “…Help Struggling Taxpayers Get a Fresh Start…” One of the changes will directly affect credit reports and possibly raise credit scores.

Consumer credit transactions are regulated both at the Federal and the State level. While there is considerable variation among State laws governing consumer credit transactions, most are based on Federal laws and various versions of State laws covering several standard areas.

There are many advantages to having a good credit score. Qualifying for lower interest rates, ability to get approved for loans and lines of credit, and paying less on loans for items such as homes and automobiles to name a few.

If you have been using credit irresponsibly and finally decided to do something about it, you can start by getting a few secured credit cards to rebuild your credit history.

A few credit score points can mean the difference between a good mortgage rate, a lousy one or getting a loan at all. But take heart — If errors are dragging down your score, you can get them fixed, just in time for your much-anticipated closing.