Everything You Always Wanted To Know About Your Credit Report

Your credit report is a very powerful report that essential controls what you can and cannot do in your life. Unfortunately many people aren't aware of what a credit report actually is and what information is contained on the report. This article breaks down what is contained on your credit report and tells you everything you always wanted to know about your credit report but were afraid to ask.

Your credit report is nothing more then a very detailed snapshot of your financial history that is furnished to anyone supplying you credit from the credit bureau. There are three main credit bureaus that handle a majority of these credit report request. They are Experian, Equifax and Trans Union. Each of these organizations are private in nature and routinely furnish your credit information when asked to do so for a fee.

Generally speaking the credit reports provided by the credit bureaus are very detailed and very accurate. For instance it's not uncommon for them to have information regarding missed payments as far back as 6 or 7 years. They collect this information in order to provide it to creditors prior to their providing any form of credit to a consumer seeking credit. The creditors can use the information they receive to determine if that same consumer can be considered a good credit risk. A good rating allows for more favorable credit terms while a poor rating essentially ends any chance for a consumer to obtain credit in the first place.

The amount of time that a blemish (such as a missed credit card payment) stays on your credit report can vary but normally these negative items are deleted after 7 years thanks to the Federal Fair Credit Reporting Act. Bankruptcies are another matter entirely and they normally remain in place for up to 10 years. Keep in mind that credit inquiries stay on your credit report for 2 years so closely monitor the number of times you apply for credit since a high number of inquiries can be viewed in a negative manner.

Until recently in order for a consumer to view their credit report they had to order a copy from one of the three main credit bureaus and pay a small fee. However new laws now allow for 1 free credit report every year to any consumer that wishes to see their credit report.

The power of your credit report is incredible. Even if you have built up a positive credit report any missed payment no matter how small the amount can result in a denial of credit. The best advice most credit can give is to stay current on your entire monthly financial or reoccurring obligations and don't overextend yourself financially.

Hopefully this quick article answered a few of your questions regarding your credit report. More detailed information can be found in various locations throughout the Internet. Don't forget to request your free copy of your credit report so you can see where you stand in the eyes of future potential creditors.

Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, consolidation and credit repair information that you can research in your pajamas on his website.

---

Update Your Computer System With Bad Credit Computer Financing

The moment I placed myself in front of the computer... Read More

What Is a FICO Score and How Do I Make It Work for Me?

Whether or not you receive a loan and what interest... Read More

7 Ways To Squash Identity Theft

It is the scourge of our age: identity theft. Thieves... Read More

Save Money and Lower your Payments by Improving or Repairing Your Credit

Having a better credit score not only represents easier access... Read More

Different Types of Credit Cards and Features - Part 1

Just as there are too many credit card companies to... Read More

Important Things to Know About Divorce and Credit

Joint debts remain joint debts.Both spouses signed a legally binding... Read More

Rewards Cards - Are They Right For You?

Rewards cards have become the latest rage in the credit... Read More

Free Credit Reports - How to Maintain Your Credit Profile

Maintaining your Credit ProfileEvery consumer should be maintaining their credit... Read More

Credit Reports ? Why Your Credit Score is Important

If you have never heard of a FICO score before,... Read More

4 Steps to Creating Good Credit

As a consumer you've learned the importance of establishing a... Read More

The Ghost of Expected Surprises

Here, Cratchet, what do you think you're doing?Uh, er, leaving... Read More

Credit Reporting: How Does It Work?

In order to determine a consumer's credit worthiness, creditors and... Read More

Credit Cards

Credit cards are a form of unsecured credit. The issuer... Read More

Cutting Credit Card Costs

What are the APRs charged by the credit cards in... Read More

Credit Card Benefits and Drawbacks

Credit cards have both benefits and drawbacks. It is wise... Read More

Shoppers Beware - Tis The Season

It's the number one complaint from consumers and it only... Read More

Do You Want to Get a New Credit Card at a Great Rate?

1) Do your homework. Applying for and getting approved for... Read More

14 Common Credit Mistakes

Establishing credit and wisely managing your credit becomes easier when... Read More

How to Avoid Credit Card Late Fees

Everyone hates late fees and being late will cost you... Read More

Credit Cards - The Top 3 Things You Need To Know

Today there are so many different credit cards available, student... Read More

Some Truth About Credit

Credit is currently and has been historically an integral component... Read More

The Credit Card Surprise That You Need to Look Out For

Companies that issue credit cards want to make a profit.... Read More

What You Need To Know About Credit Cards

What is a credit card? A credit card is... Read More

Credit Repair Scam - How To Avoid Being A Statistic?

A good credit history is critically important for the consumer.... Read More

Credit Education

Having credit education is like knowing how to read. It... Read More

Get Your Credit Score To Soar In The Twinkling of An Eye

Ever wonder how a creditor decides whether to grant you... Read More

7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit

There are seven consumer credit laws you should be aware... Read More

How To Use Your Credit Card For Ultimate Financial Advantage

Using a credit card wisely is an important step in... Read More

Credit Suicide

Few things influence the home buying process more than your... Read More

Credit Score - Reporting Your Financial Health

Credit score is one of the most basic, determining factor... Read More

Fair Credit Reporting Act: What You Should Know About It?

The Federal Fair Credit Reporting Act (FCRA) is designated to... Read More

Establishing Credit ? What You Need To Know Part 1

Establishing credit is one of the most important things you... Read More

Opting For A Credit Card? Check Out Certain Terms

You've just received a "pre-approved" credit card offer in your... Read More