Your Credit Report Is A Document Of The History Of Credit Payments You Have Made

Category: Finance.

In today s fast paced world, technological advancement has occurred so significantly, that it is almost impossible to survive without a credit card.

Your credit report is a document of the history of credit payments you have made. In order to get the benefits of a credit card you must first have a fair to good credit report. The report itself is converted into numbers called a credit score and if your score is lower than a certain amount, you might not be able to purchase a car, or even acquire, get a loan a property. Consequently, you should look at it often to ensure that it is accurate. It is extremely important that you understand precisely what appears upon your credit report. If you identify something on your credit report that should not be there, there are some steps that you should take to have it taken off. There are 3 major credit- reporting agencies in the U.

Equifax, TransUnion and Experian. Each credit agency has a dispute procedure. You should get a copy of your credit report from each of them, look for any negative items on these reports and make a copy for your own records. It is vitally important that you follow the instructions very carefully and respond to all of their queries. Inform the agencies of the discrepancies and advise them that you want them righted. You might be able to do this online at the credit agencies web iste. Experian, Equifax and TransUnion each have a special department tocheck out these types of claims.

Having said this, it should be advised that this is a long process. If they concur that an error has indeed been made, they will purge the item from your credit report. This is why it is so critically important that you understand the contents of your credit report. Credit card companies rely upon credit reports when they are deciding whether or not to approve your card or decline it. Having the correct data on your credit report could mean the difference between being able to purchase something you need and not having the ability to do so. This is also the case when you apply for a mortgage, car finance or even a personal loan. As a consumer, you have the right to request your credit report.

If you have lots of negative items on your credit report, your application will most probably be denied. You are legally entitled to one free credit report annually. Further copies however must be paid for.

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