Do you appreciate the importance of credit reports? Most Americans have very vague understanding about what credit reports are about. Some feel intimidated by them, some regard them as nothing more than one of the documents be,onging to every credit application.
Credit reports are very important not because banks and financial companies rely on them. Also your future employer, landlord, or even your social club administrator also consult your financial past, using... yes, credit reports.
Credit reporting companies, like Equifax gather your credit history, ready to be sold to the interested parties.
Here's what's included in your credit file, which hold entries up to seven years (bankruptcy data up to 10 years):
-all your loan applications,
-amounts of credit granted,
-how you've repaid loans taken,
-utilities payments and their regularity,
-your personal data,
-employment history,
-lawsuits and liens - if any,
-bankruptcy history,
This is a chuge chunk of financial data, that can easily be incomplete or erroneous. That's why, in your best interest lies checking your credit file, at least once every 12 months. This is advice given by The National Foundation for Consumer Credit. If any irregularities are detected, you can apply to have them corrected. American consumer laws are on your side.
