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	Credit Credit Report Basics - Credit Report Basics - Fix Credit Errors - Get Credit Report - Reading Credit Report - Repair Credit Report - We all have a credit report - Credit Scores Online - The FICO score - Free Annual Credit Reports - Ways to Improve the FICO Score - Identity Theft - Revolving Credit Have you ever considered how lenders select who they want to deal with, who qualifies for a loan and who does not? Have you wondered why your credit card application was turned down? Do you believe that if you ever need to file for bankruptcy, nobody will ever know? If you are plagued with such questions, it's time you start looking for the answers. Your search can start by understanding your credit report. This includes how it works, how it affects your financial future and what is its significance in your life. The subsequent details provides fundamental information regarding a credit report, who uses it, what needs to be done in case you wish to get a copy of your report and how to rectify a error in case there is one. What is my credit report?  A credit report is a report of financial records that pertain to you. Credit bureaus all over the country collect credit information from banks, finance companies, merchants, credit card companies and other credit sources. This information is then compiled and stored through a centralized source. Your credit report includes personal details. This includes your address, SSN, birth date, job and income details, specifications about your spouse, earlier addresses and more. Most importantly, your credit report file contains all data regarding credit transactions, dues, repayment records, lawsuits, judgments and tax lien. A credit report also reflects whether or not you have filed for bankruptcy. There is no way you can deny this inclusion in your report for the reason that, this detail remains in your credit report file for 7 to 10 years. Who uses my credit report?  A prospective lender in most instances is likely to scrutinize your credit report when you file a loan or credit card application, or even apply for apartment rentals. The lender, in all probability would ask for a copy of your report. It is important to know that such creditors make their decision regarding your loan sanction after evaluating your history. The lender and not the credit bureau that compiles your report, makes a decision regarding your loan approval. Prospective employers may also ask to see your credit report. The credit report is an important document and is not intended for use by family and friends to gain information about you. If you are asked for your credit report, you can cross check to see whether or not; they are a lawful company with the right to analyze your report.    Can I see a copy of my credit report?  Yes, you have the right to see your credit report. Indeed, it is a great initiative to check your credit report once in a while, to be certain that the data is accurate. The Congress shaped the 1971 Fair Credit Reporting Act. This is what gives you the right to have a look at your credit report. Ever since March 1, 2005, you can ask for a free credit report once every year. The three largest credit reporting bureaus use one central address to make this information available to you. As such, you need not make contact with the credit bureaus on a personal front to get your free yearly credit report. You could order your free credit report from:    o www.annualcreditreport.com; or o   o Call 1-877-322-8228.    Be very careful about companies that offer free credit reports. Such offers are randomly advertised on untrustworthy TV commercials, websites and even magazine advertisements. Though advertised as free, they require you to pay a hidden fee or may need you to pay for some sort of subscription. It is important you know that you are not required to seek help from a third party in order to get a free credit report for you. You could go about completing this chore yourself by simple referring to the number or website mentioned above. You can ask the credit bureaus for a free report if:    " you have been refused a credit application, service or insurance inside the last thirty days because of your credit report;     " you are without a job and wish to hunt for a job within 60 days " you are on welfare; or     " your report is imprecise because of some scam. In all other instances, you are required to pay a small fee to attain a copy of your report.    The three largest credit bureaus are:    Equifax   P.O. Box 740241   Atlanta, GA 30374   1-800-685-1111    Trans Union  2 Baldwin Place, P.O. Box 2000   Chester, PA 19022   1-800-888-4213    Experian   P.O. Box 2002  Allen, TX 75013  1-888-397-3742