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Saturday, 30 August 2008

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By:Peter Crump

Your credit report affects your life in so many ways, many more than most people realise. A poor credit report can dog you for the rest of your life unless you take steps to fix it up. And what is the first step to fixing up your credit report? Get a copy of it and have a look at what it says.

The information on your credit report is used by many agencies to assess your credit worthiness. What is your credit worthiness? Well let’s say you decide to get a loan for a new car. You apply for a car loan. The company which receives the application has to decide whether or not it should grant you the loan. And there are quite a number of things it will take into account when making that decision. And one of them is your credit score and the information that appears on your credit report.

There are 3 nationwide consumer reporting agencies and these collect information on everyone. This information in total makes up your credit report. What type of information is kept? Your name, other names, your address and any alternative or previous addresses to start with. And all sorts of things that you may never have even begun to think about.

For example if you’ve ever been sued. Or been bankrupt. Or in prison. Or even just how you pay your bills.

Remember that little electicity bill that never quite got paid until after they sent you all sorts of nasty warnings? These are the types of things that appear on your credit report, and lots more. And these are the types of things that the company that you just applied to for that car loan would like to know. To help it decide whether or not it ought to give you that loan, in other words whether or not you are credit worthy.

And it’s perfectly possible that there can be errors on your credit report, and these errors can affect you without you even knowing about it. Unless you take action.

It is very important for people to keep up to date with the information that is kept on their credit reports, and to take immediate steps to ensure that it is strictly correct. There are things you can do to correct errors if they appear, but if you don’t know that they are there then you won’t be able to correct them, and they may affect you for years to come.

And even if your credit report is accurate you still need to know what it says. Even poor credit reports can be improved on with some effort and understanding of the steps needed to do so.

Luckily the law specifies that you are entitled to get a free copy of your credit report every year. It’s not a difficult process. It doesn’t take that long. And although you may be in for a surprise, it’s always better to know what it says than to ignore it.

So, you’re entitled by law to a free copy of your credit report every year. Take advantage of your entitlement. Go on, get a copy of your report and see what it says.

Article Source: http://www.dailynewarticles.com

For more information on credit reports and credit in general visit Peter’s website www.credit-repair-answers.com/blog/"> Credit Repair Made Simple and read all about free annual credit reports.