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All About Credit Reports

Knowing what is on your credit report is important, because it is the personal information that the lending establishments look at to determine what kind of credit risk you are. You might be surprised to see just what kind of information is contained in your credit report. Most people assume that it only contains information, pertaining to their past record of paying bills and payments on outstanding credit obligations. They often contain far more than that.

You credit report will detail if you have ever been arrested and if you have ever been sued, or gone through bankruptcy. It can also contain a lot more information on your personal life. It’s important that you review your credit report once a year, to see just what is being put out there for creditors to see. There are three major credit reporting agencies that accumulate and disburse credit information, in the U.S. and they are required to provide you with a credit report, free of charge, at your request, once a year.
 

So there is no reason why you shouldn't take advantage of this free service. You might be surprised that they all don't contain the same information about you. You should get one from each agency, and compare them with each other. These agencies are most likely listed in the yellow pages of your phone book under the listing of “credit agencies”. Don't be shocked if you find one or more mistakes that have to be removed. The process for doing this is simple.
 

You must get the documents that prove that the information is incorrect and mail them a copy of your credit report with the mistakes circled and a letter explaining the situation. Do not send them the originals and remember that they have a reasonable amount of time to fix the mistake or mistakes. Make it a point of knowing your credit score, so you can work on maintaining it and keeping it up.
 

You just never know who is going to look at your credit report next, so it is so important that you have some influence in what it says about you. Its not just banks that look at your credit report, your employer may have a look at it if he hasn't already. So take the time as soon as possible to review your credit report.



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