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Why a Credit Report Is Important

By Ruth Racey
Published: Wednesday, September 15th, 2010

The world has become very independent on a credit based system. It is what is making the world go around. It is probably the reason the world is in such financial trouble now. Everything is dependent on credit.

If you can’t afford to buy large ticket items out of your own cash up front, you will need to get a loan or line of credit or financial backing in order to do so. These items usually include mortgages, car loans, vacation loans, pay day advances, furnisher, time shares, etc. So, unless you have the money to afford these things up front you will need to qualify for credit.

This is why a credit report is so important. Once you obtain your credit report you will see just how good or bad you are doing on the credit scale and will know whether or not you will quality for that credit before you even go through the hassle of applying for it.

You will also be able to spot any errors on your credit report. Often these errors will be counted toward your credit history without you even knowing about it. This can be really frustrating, its bad enough to be held accountable for every little mistake you yourself made, but far worse to have a bad credit report just because of someone else’s error or fraudulent activity.

If you discover one of these errors on your report, the first thing to do is not to panic. Stressing yourself out will not do you any good in the long run. File a dispute with the credit bureau, giving all the information you can to prove that this smudge on your credit history is not of your own doing, give everything they ask of you and keep in contact with them to insure that you get these errors removed permanently.

Even if you manage to get this removed, keeping checking back with the credit bureau, because sometimes the company that originally placed it on your report will yet again report the same incorrect information or possibly the person that was using your name illegally has started back up again.

This is something you will have to keep on top of in order to keep your credit report in order. If you are ever to have a good credit report so that you can get the better things in life, you need to insure that only truthful things are being reported on your credit history.

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