Your Credit Report and the Important Information Regarding it

You rely on the information contained in your credit report to help purchase items and services, to qualify for auto, home, student and personal loans, and even to help manage finances. But did you also know that countless entities rely on the information contained in your credit report to conduct day-to-day business?

Credit report information helps current and future creditors including banks, stores, gas stations, lenders and others in a variety of ways. Some use it to decide who should receive credit card and debit card offers. Some use it to assist in marketing products and services. Some use it to decide whether it’s safe to accept an individual’s check. And others use it to make decisions that affect the global economy.

A credit report is compiled every time you or a lender requests it. The inquiry triggers the gathering of information that lenders, public records, and others report about you to the three major credit bureaus. Entities that grant credit typically forward monthly updates on their customers’ activities as it relates to using and paying customer credit accounts.

If you have been denied credit or have been turned down for a job or housing, you have a legal right under the Fair Credit Reporting Act to request a free copy of your credit report. Your request must be made within 60 days of the denial. Your lender can request a copy on your behalf, or you can request it from the credit agency yourself.