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The Usefulness And Need For Knowing Your Credit File

By Andrea B Henderson

A wise customer will get a copy of their up-to-date credit report before making any major acquisition that involves financing. The reason for this is that a credit report and score can make or break your purchase and most credit reports do contain discrepancies. The problem is that most people are unaware of the untrue credit on their credit report and they end up receiving an unwelcome surprise.

The greater part of credit reports include mistakes, misrepresentations and inaccuracies. In fact, it has been estimated that as many as 75% of all credit reports contain critical mistakes. These are mistakes that are serious enough to prevent the individual from receiving credit. Yet these discrepancies can be either removed or updated through credit repair.

Many people are under the false idea that when they receive a credit report it hurts their credit. This is not accurate because whenever you get a copy or your own report it is deemed a soft inquiry and it has no effect on your credit score. Only hard inquiries from creditors are counted against you.

You should inspect your credit report on a recurrent basis because even one single inaccuracy showing on your credit report could result in being charged excessive interest rates or down payments, or even being rejected for credit completely. These days, insurance companies are utilizing credit reports as a way to refuse coverage and even many employers are using them as a tool for hiring.

The fact is that there are many situations in which people may ask to see your credit report. Utility companies, landlords, insurance companies, hospitals and doctors, not to mention the ones you predictably presume such as mortgage companies, credit card issuers and other lenders. It is important to know nevertheless that it is against the law for somebody to check your credit without your unambiguous agreement.

You can verify your own credit report by contacting the credit bureaus and making a request. In fact you are permitted to receive a free of charge credit report one time each year from each of the three most important credit-reporting agencies. It is important to get all three reports because they do not share or exchange information and a creditor could utilize just one or they could utilize all of them.

It is critical to inspect your credit report information on a regular basis and you should take advantage of the free of charge report offer at least one time per year. If you are anxious about identity theft or you are noticing a great deal of abnormal activity you can also take advantage of a credit monitoring service that will inform you of any modifications on your report. These services are not obligatory but some individuals find them beneficial.

The only person who is really worried with what is showing up on your credit report is you. It is your responsibility to make sure that everything that is being reported is truthful and shows you in your best light. When you regularly check your report you become aware of the difficulties and you can take the steps that are needed to fix your credit report.

You need to know about the subject of credit repair information and credit repair work which can help to make your issues go away, then check out my blog.

categories: banking,blogging,business,credit,credit cards,credit repair,debt,family

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Article Citation
MLA Style Citation:
Henderson, Andrea B. "The Usefulness And Need For Knowing Your Credit File." The Usefulness And Need For Knowing Your Credit File. 17 Jun. 2010. 25 Dec 2014 <>.

APA Style Citation:
Henderson, A (2010, June 17). The Usefulness And Need For Knowing Your Credit File. Retrieved December 25, 2014, from

Chicago Style Citation:
Henderson, Andrea B. "The Usefulness And Need For Knowing Your Credit File"

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