Some Facts About Credit Report

This refers to the file containing information such as, your name, place of work, your bills, reports on bankruptcy and whether you have been sued or arrested. This information is kept and sold by the Report Agencies and the Credit bureau. Every consumer has the right to know his/her report. If requested, the Agency must give you all the information in your credit report including all the names of the people who have requested your report.

This file is required by different people for various reasons. For instance, a lender will need your credit rating to determine the amount of money he/she will led you. Lenders will charge high interest rate to people with bad credit report to avoid putting their money at risk. Renters will use the file to know whether you are one of those people who refuse to pay rent. Other people who may need this information are your employers, Life Insurance Companies and the Auto Insurance Companies.

Sometimes there may be errors in your report. Its your responsibility to ensure corrections are made to maintain right information. You need to check your file at least once per year to detect and stop any fraud. Its also important to check the file before you apply for any credit card.

Fair Credit Report Act is a federal law that regulates credit reporting companies. In the federal law, consumers have the right to know the information given in their credit report, right to report any mistake found in the information and have it removed. Good credit history is an advantage since it enables you to get credit card fast and with good negotiable interest rate.


Mary Mukami Gachonde Researches and Reports on Finance. For More Information On How To Get Out Of Debt, Visit Her Site At GETTING OUT OF DEBTYou Can Also Post Your Views About How To Get Out Of Debt Here SOME FACTS ABOUT CREDIT REPORT