Your credit report is an education for you in your financial history. It is the basis of any decision a lender might make regarding giving or refusing credit to you. It is a smart move to arrange to see your credit report.

You need to know that there are actually three major credit reporting agencies. These are: TransUnion, Equifax, and Experian. It is possible to receive a free copy of the report from each agency once a year. See freeannualcreditreport.com for information on how to obtain the three copies. You need all three because differences may be apparent.

There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.

Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.

The court system also provides information to credit reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.

An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.

There is no problem if your credit report is positive. However, any true negative comments will stay on the report for 7 years. Bankruptcies stay on for 10 years.

Request those credit reports from all 3 agencies. Compare the reports, be aware of discrepancies and fix errors. We have a personal responsibility to monitor our own credit profile, fix mistakes and, if needed, repair our credit.

With never before seen challenges in the credit markets its more important than ever to have excellent credit. For more information check out Rob Kosbergs’ Complete no cost Report on Maintaining and Repairing your Credit Score by going to Credit Score Repair for your no cost information. You may also visit Increase Credit Score for a Report on Raising your Credit Score.