You should always remember that a credit report is a very important piece of document. It holds a lot of information that are needed when you are applying for a loan. Lenders check this report so they will have a basis on what kind of deal they can give you. If you have a higher credit rating, you are more entitled to better deals, lower interest rates and higher credit limit. Get to know more about your credit report in this article. What information does your credit report have? There are four basic information included. These are your personal identification and employment history, your payment history, credit inquiries from lenders, and public information such as liens, foreclosures, court judgments and bankruptcies. Who can access your credit report? When you submit an application for a new credit or a new account, your prospective lender would check on your credit report to see whether your application can get approved or not. Aside from lenders, potential employers and landlords can also use your credit report to check on your background and reliability. Of course, government agencies can also check on an individual's credit report as source of personal information. Can you fix your credit report? In cases wherein you are encountering debt problems or bad credit, there are ways to improve your credit score such as making negotiations to get new repayment terms. You can ask for assistance from credit repair companies. However, beware of agencies promising instant "credit fix". Always keep in mind that the negative information your report may have cannot be erased unless you make a positive step to cover or rebuild your credit. If the negative information are correct, you can only fix them by paying off your debts to your creditors. A legitimate credit repair agency should help you find possible solutions to your debt problems, help you manage your finances better, budget your money, negotiate with creditors on your behalf and help you improve your credit gradually. What information can be deleted from a credit report? If some information in your credit report are erroneous or incorrect, you can dispute these errors with your creditors and with the credit bureau issuing your report. In case of negative information or derogatory marks that has been in your report for 7 years or more , you can also request a credit bureau that these information be removed. Checking your credit report at least twice a year is a good way of making sure that everything is accurate and error-free. You can obtain a copy of your credit report from each of the three major credit reporting agencies- Experian, Equifax, and TransUnion. What is the National Consumer Law? Under the National Consumer Law, creditors or lenders should not deny an individual the credit he deserves if his credit report shows that he is a qualified candidate. It is against the consumer law for lender to refuse applicants based on their race, color, religion, sex, national origin, or any other discriminating factors. Copyright (c) 2009 Suzy Vanstrusen
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