ANSWERS: 1
  • Your credit report contains a history of your payments to companies that have extended credit to you or supplied you a service. A bad credit report can cause you to pay high interest rates or be denied credit.

    Significance

    Your credit report is used to establish your credit score. Companies use credit reports to determine if you are a good risk before they extend credit, the interest rate charged and even employment.

    Payments

    A bad credit report reflects if you paid your bills more than 30 days late, defaulted on debts, have filed bankruptcy, have too much credit extended or are close to or over the limit on your credit cards. It also reflects your salary and any foreclosures.

    Accuracy

    Credit reports aren't always accurate. If you are a victim of identity theft, you probably will notice charges you didn't make, accounts you don't have or addresses where you never lived.

    Types

    There are three major credit reporting agencies: Experian, TransUnion and Equifax. They report information differently, so ensure that all three have accurate information.

    Solution

    You are entitled to a free credit report each year. Order your report, review it carefully, and report discrepancies to the reporting agency. Work with agencies to correct erroneous information.

    Source:

    Repair bad credit

    Annual Credit Report (FTC approved)

    FTC dispute credit report errors

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy