Credit Report Education

A credit report provides prospective creditors (and in some cases employers and insurers too) with a detailed picture of your credit history. Your credit report can influence whether you will receive what you are applying for. 5 reasons to look at your report: inaccuracies & mixed credit files; tracking payments; identity theft; inquiries; credit fraud - unauthorized charges. Stay informed.

The Fair Credit Reporting Act was enacted in 1971. The Fair Credit Reporting Act states that if you have been denied credit, the merchant that denied you credit must tell you the reason why. Also, you will be entitled to a copy of your credit report from the bureau that the merchant used. The following is more information on the rights your have because of the Fair Credit Reporting Act....

Your credit report includes: Your address, present and past; Outstanding debts; Record of payments; Public record information such as liens, or court judgments against you; Your employer's name and address; General information such as your Social Security number, and marital status. It helps you detect credit fraud, ID theft, inquiries, inaccuracies, and your payment record. Bureau contacts.

Federal law states that only certain people can obtain a copy of your credit report and that your credit report can only be used in a certain manner. We tell you who has access. You also learn 8 things lenders cannot consider and 7 things they can consider in deciding whether to offer you credit. We also tell you how long information remains on your credit report.

If you do not have a credit history (or have a sparse one), you should start to work on one immediately. First, you must have a steady income and should live in the same area for at least a year. Then you can try applying for credit with a local department store or applying for a small loan amount from your bank. If you still are having problems developing credit, you may need a cosigner....