Your credit report reveals your history to creditors. The only way for most people to afford cars, school, homes or business start-up requirements is to qualify for a loan determined by your credit score and history. You can take control of your credit and use it as a tool for opportunity.

 

To ensure that you know all about your credit history, you need to know your way around a credit report.Credit reports list all accounts you have and do hold. They also list major credit events in your financial past, but usually only negative ones. Before you look over your report to find out what creditors have said about you, make sure that your name, social security number, and date of birth are all completely accurate. If any of these are incorrect, report it immediately, since you may be getting stiffed for what someone else has accrued in credit. Your history determines a number score that indicates your reliability to creditors and lenders.

           

 

There are multiple terms on your credit report (which you can find in our Credit Repair Glossary) that signify a potential risk when you apply for a new credit line or loan, such as remarks detailing foreclosures, bankruptcy, or late payments on an account. These n

egative notations can and will disappear over time when you pay off debts or let enough time pass.

 

There is also a section of your report that is a concise overview of your credit history, and it will say one of three things: positive, negative or nonrated. A positive profile means that you have been doing a good job and paying things off on time and not getting yourself into any major credit trouble. A negative rating signifies that you have some serious black marks on your report. Nonrated means that you may have some late payments but nothing seriously wrong with your history, though this does knock down your score some points and will be a minor red flag to potential creditors.