Know how to read your credit report and then you can start to repair it

Before you can repair or improve your score, you need to why and how reporting works and who uses the system to check up on you. When you don't know what information is contained in your file or who is looking at your credit history, that's when it can hurt your chances of improving your financial situation.  It can also affect your credit card applications.

Credit card, mortgage and loan companies and insurance companies will refer to your credit report before deciding on approving your application. Even landlords and employers can check your credit score to find out about your past history. 

Check for accounts you didn't open, charges you didn't make, and delinquencies you didn't cause. Also, make sure that whatever has been reported in the past is accurate.

If you see evidence of fraud, contact the credit reporting service or agency immediately. Explain the situation and ask that a fraud alert be placed in your file.

All potential lenders will access your file, even department stores. Normally potential employers ask for your consent. Some groups considering your application for a government license or benefit.

State and local child support enforcement agencies. Some government agencies are restricted to only certain areas of your report.

Your credit report is shown to credit card lenders, service provider, landlord, or any potential insurance agency that you are dealing with. These requests remain in your file for up to two years.

• If you are looking for a personal loan with a bad credit history go here
• If you need to rebuild your credit and would still like to apply for a credit card go here fill out the credit card application for people with bad credit

Credit Information contained in your file

Personal information from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security Number, date of birth, and current and previous employers.

The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user such as a spouse's credit card or joint accounts. Account details, which are supplied by banks, department stores or any other store where you have an account with a monthly payment, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid  on time.

This also includes utility companies like cable, gas and electric, or cellular phone companies. Other crediting companies that have closed or inactive accounts, depending on the manner in which they were paid, stay on your report for up to 11 years from the date of their last activity.

Information that is a public record that's obtained from government agencies such as courts of law -- including liens, bankruptcies, and overdue child support -- may appear on your credit report. Most matters of public record stay on your credit report for 7 years.

In Canada - Equifax Consumer Services Canada, TransUnion Canada
In USA - http://www.equifax.com/corp/index.shtml

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