Credit Reports and Your Credit Repair

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Every year people take out loans for cars, loans for college, and mortgages for houses. Every month they make payments on credit cards, utility bills, and cable TV. And every day all of this information is compiled on their credit reports. For some people this may come as a surprise, but believe it or not, every payment you make, every bank account you open, every time you are two days late on your electric bill, your credit report is affected.

What is a Credit Report?
Simply put, a credit report is a record of your credit history.

  • It contains information about any credit cards or loans you have, how frequently (or infrequently) you pay them, and how debt collectors have responded to any unpaid bills.
  • Your personal information is included in the report, as well as every inquiry you have made with regard to it or your credit score.
  • This information is available to nearly every authority, and it is maintained and updated by the three credit-reporting agencies: Experian, TransUnion, and Equifax.

How Can Poor Credit Affect My Life?
If your credit report contains quite a bit of negative information about your credit history, this will likely also result in a poor credit score. Both your credit score and your credit report can be extremely influential on your future when you seek to acquire heftier loans for things like houses and cars. Poor credit reports can also result in increased interest rates, hefty deposits, insurance rates, and in some cases even the denial of a new job.

How Can I Repair My Credit?
Because credit reports are so influential, credit repair is of extreme importance. If your credit is poor, there really is no other option but to work on improving it. This can be accomplished in several ways.

  • The first step is establishing positive patterns of making payments in a timely fashion.
  • Then, it is important to contest any faulty information on your credit report (this can be done by writing to the credit-reporting agencies and explaining the errors). A number of other methods can be employed in credit report repair, as well.

Ultimately, people just need to be aware that 1) they have a credit report, and that 2) the financial decisions that they make affect it. Knowledge is wisdom, as the saying goes. When it comes to your credit report, this is definitely a true statement. Know what is on your credit report, and if necessary, work toward credit report repair.


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