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| Credit Answers > Debt Resources > Credit Report Help |
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Answering Your Questions About Credit Reports
Your credit report is an electronic record of your credit activities. These activities range from borrowing to buying a car or a home to applying for a loan or credit card. That's
right -- every time you apply for a credit card or other loan, it registers as an inquiry on your credit report.
More importantly, a credit report is a record of how you use credit and how much of it you have available. If you're late in making a monthly payment, that too shows up on your
credit report.
Whether a lender is evaluating your loan request or a card company is considering whether to give you a credit card, you can count on an evaluation of your credit report to
influence its decision.
Unfortunately, some of us mismanage credit and pay the price: Information remains on a credit report for years and may hurt the chance of getting additional credit. Sometimes,
credit reports omit steps that borrowers have taken to improve their credit, or contain errors.
We take a look at how to manage your credit -- how to apply for it, how to use it wisely and how to monitor your credit report for accuracy. We help you to
understand your credit rights. Below are some pages to help you with your credit report questions. Please click on the appropriate section for your
credit report needs.
Obtaining A Credit Report
You are legally entitled to obtain your credit report from a credit reporting agency. If you are denied credit based on information in your credit report, the creditor must provide a reason for denial.
Reading A Credit Report
A credit report shows any current credit that you have, including amounts owed.
When To Get A Credit Report
Before you apply for a credit card or loan, you should review a copy of your credit report from each of the three major bureaus to avoid any surprises.
Avoiding Credit Inquiries
There are two types of credit inquiries that can be made to your credit report: hard inquiries and soft inquiries.
Credit Report Errors
Errors in your credit report include mistakes but they also include omissions. It's possible that actions you've taken to pay off a debt or clear up a delinquency are not included.
Credit Counseling Services
If you use a credit counseling service, be sure to check whether it is accredited by the Council on Accreditation or other accreditation service.
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