A consumer credit report should be a factual record of your credit payment history. Most of the times it is factual and sometimes it defiantly is not. It will also provide the credit seeker (bank, mortgage loan officer, car dealer, apartment rental etc) with your employment and your addresses that they have of record. Your credit report is provided for the purpose permitted by law: to help a credit grantor or lender quickly and objectively decide whether to grant you credit. Most of the information in consumer credit reports comes directly from the companies a person does business with, but some information also comes from public records. See a sample credit report

The businesses, banks, stores and other credit grantors report your records either once a month or once a quarter generally speaking. These business report if you pay on time or they report that you are late. When they report late payments they also state whether you are 30 days, 60 days or 90 days late. A good credit rating will save you money.

There is also other information on your credit report. Listed are legal judgments, bankruptcies and the like normally issued by courts of law. Just because it is listed on your credit report is no reason that it is factual.

NOTE VERY IMPORTANT FACT It has been estimated that over 41% of the information contained on all consumer credit reports is not accurate, and with identity theft on the rise it is becoming a higher and higher percentage. That is why you see ads everywhere urging you to check your credit report often. You can do it on the web for free at creditdiagnosis.com

All The Information You Need to fix poor credit Is In Our Credit Secrets Bible

The Fair Credit Reporting Act regulates the activities of credit reporting agencies. A credit reporting agency under this law means any person or business which assembles or evaluates consumer credit information for the purpose of providing consumer credit reports to third parties.

According to consumer credit report laws, here are some items that cannot be mentioned in consumer credit reports:

A discharge or final order in Bankruptcy Court dated more than 10 years prior to the date of the consumer credit report. Lawsuits and judgments entered more than 7 years prior to the date of the consumer credit report.

Paid tax liens which, from the date of payment, precede the report by more than 7 years.

Accounts placed for collection or charged to profit and loss by the creditor that are dated more than 7 years before the credit report.

Records of arrest, indictment, or conviction of crime that, from date of disposition, release, or parole, precede the report by more than 7 years. Any other adverse information that precedes the report by more than 7 years.

Default information concerning U.S. Government insured or guaranteed student loans can be reported for 7 years after actions to collect the debt have been taken against certain guarantors.

There are three major credit bureaus: Equifax, Experian, Trans Union. Federal law specifies how long negative information can remains on a person's credit report. This includes late payments, accounts that the credit grantor turned over to a collection agency and judgments filed against a person in court - even if later the account was paid.

All The Information You Need Is In Our Credit Secrets Bible

A Sample Credit Report   A Sample Credit Report Analysis  Credit Report Facts  Credit Report Inquiries
Credit Report Harmful Information  A Good Credit Report How to read a credit report

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