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Rectifying your Credit History with your Credit Report

By Janet Lacey
Published: Thursday, October 29th, 2009

Credit history is something that is specific to the individual. Often, this information is dependent entirely on the individual itself and varies from person to person. Since the information is unique, people who try to seek this information might have to pay for it and have a look at it. The information is typically available with your credit report, and there is no other legitimate way of finding out about it. However, if you are well to do and have always paid your bills regularly; your credit report will have a very good credit history to show.

The first thing about credit report is that it should only be considered if you really need and want to take some serious decision. Many people who are about to purchase something big like a car or invest in a house, might want to check out their credit report and see what their credit history has to say about them. Even if you are doing well now but had financial problems earlier, your credit report is going to show them and might make it challenging for you to get a worthwhile rating. Hence, one needs to consider all these factors before making any serious financial decision.

The next thing that you need to keep in mind about the credit report is that it will hold information about you, some dating back to more than ten years ago. A case of bankruptcy will be indicated in your credit report for up to ten years, which is a terrible thing to have in anyone’s credit history. Also, if you have any unpaid loans or have been penalized for late payments or lack of payments in the past, it will remain in your record for a period of seven years. When potential creditors see this, you might have a difficult time in trying to get their approval.

However, the good thing about your credit history is that even your good habits are reported and published. Hence, it is important to understand that credit history need not be tainted just because you forgot to pay one bill sometime back. If you have been good with your finances and paid everything else on time, you shouldn’t have a problem with your creditors. They will understand the reason for your lower credit score and probably still approve you for a loan. Hence, don’t fret if you have a couple of black spots in your credit history.

With a credit report, you can view your credit history as others might see it. This is important since many people access your credit report, right from when you apply for a loan to when you are looking for a job. All these people would want to ensure that you have a good credit history and are trustworthy enough to give loans to. Hence, you should strive to have a good credit history and see if you are doing everything right and maintaining your credit score.

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