Your Credit Report-What Should I know

By The CreditConsultant on January 21, 2011 In Finance

Credit is a very important element to your financial well-being. Almost everything you do involves your credit report in some fashion. Renting an apartment, obtaining a cell phone provider, buying a car, being employed in certain jobs, and getting a credit card all involve your credit report.

Still wondering why paying attention to your credit report is important? A bad credit report record can get you denied for any of these items. How embarrassing would it be to get denied for the job of your dreams, all because you decided to stop paying your bills? Or what about trying to buy your first home with your new spouse, only to find out your report has caused both of you to be denied? While these are quite extreme examples, it does illustrate how important your report can be.

Are you wondering what you can do to improve your report? Take advantage of your yearly right to obtain one copy of your report from each of the three bureaus. Review your report for any discrepancies and report them immediately to the agency in which you obtained the report. In addition, to improve your report, pay all bills on-time and pay off as much old debt as possible. Also, try not to use more than 30% of each of your revolving lines of credit at once, as this can lower your score. And remember, good financial habits now affect your report later in life! Now that you are empowered with new information, go out there and take action.

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Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. For more powerful secrets on credit repair, debt settlement, stopping collectors, rebuilding your credit, and raising your score, please read the first chapter of The Credit Repair Book for Free and get a Free Restore your Credit E-class at