Reviewing and Fixing Your Credit Report
Contributed by Jessie Hart
Personal Credit Reports: What Are They?
Your personal credit report is a complete history of your credit history for the past two years. It reveals all your loans, your accounts, and your dealings with other financial institutions. It shows whether you've paid your bills on time, or late, or whether you've failed to pay them at all. Another feature on the credit report is the complete listing of all companies who have viewed your credit report. Other credit card companies who may want to offer you another credit card, or a mortgage company are examples of the companies that would seek out this information.
Personal Credit Reports: Why they are Important?
Your credit report is the first thing that a creditor will look at when they decide whether or not to approve your application for a credit card or loan. Creditors want to make sure that the people whom they agree to give credit to will be reliable enough to pay them back. If your credit report is tarnished with a history of failure to repay debts, then you will be viewed as an unnecessary risk. Credit companies won't have you and you will not be able to get loans.
Personal Credit Reports: How Do I Fix Them?
Credit reports can contain errors. It has been known to happen that through a computer glitch or a human error, faulty facts are put on the credit report. This can cause disaster if you are applying for another credit card or a loan. One look at your credit report and you will be turned down immediately. But there's good news: fixing your credit report is possible and can be done in as short a time as 72 hours.
