All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied credit and realize that we must repair poor credit.

You need to know that there are actually three major credit reporting agencies. These are: TransUnion, Equifax, and Experian. It is possible to receive a free copy of the report from each agency once a year. See freeannualcreditreport.com for information on how to obtain the three copies. You need all three because differences may be apparent.

The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.

Lines of credit will be included such as balances, monthly payments, and credit limits. This section addresses credit cards, department store credit cards, mortgages, automobile loans, department store cards, gas cards. This will also cite dates accounts were opened, payment history (with late payments), unpaid child support, and overdrawn bank accounts.

Credit reporting agencies also receive information from the court system. This section will have a listing of bankruptcies, liens, judgments, divorce.

Any time that you fill out a credit application ( credit card, loan ) there will be a credit inquiry to one of the bureaus. If you inquire for yourself, it will be on the report. These inquiries will remain for 2 years.

It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.

It is highly recommended that we obtain and seriously review our credit reports to be aware of differences on each report, locate any and all errors. It is up to each individual to monitor his/her own credit profile, fix errors, and repair personal credit.

Related posts:

1. GOOD CREDIT IS A MUST
2. Considering Credit Counseling?
3. The Cost of your Credit Score
4. Correcting Mistakes and Adding Credit Explanations
5. Credit Repair Service Options

Tags: auto loan, bad credit repair, credit cards, credit fix, credit repair companies, Credit repair services, credit restoration, economy, finance, increase credit score, Money, mortgage, Mortgages

This entry was posted on Wednesday, January 28th, 2009 at 4:11 am and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.