Why is a Good Credit Rating Important?
Your credit history is going to be reviewed every time you apply for credit, to make a major purchase such as a car or house, or when you lease an apartment. A poor credit history can cause a business to deny you credit. If you declare bankruptcy, this can be on your credit report for ten years. Information about a judgment or lawsuit against you can be reported for seven years or until the statute of limitations expires, whichever is the longer period. Your Credit Report Your credit payment history is contained in a file which is maintained and sold by a consumer reporting agency (CRA), one type of which is known as a credit bureau. If you ever applied for a credit or charge account, a personal loan, insurance, or a job, then you have a credit record on file at a credit bureau. A credit record typically contains information on your history of paying your credit bills, your income level, and the amount of your debts. It will also indicate whether you have ever been sued, arrested, or f
