Your credit report can help you determine how much you owe or whether you can get a loan--you can even find out who else has been requesting your credit information. A credit report can also help you determine if you have information on your file that should not be there.
Significance
By reading your credit report, you can determine if your creditors are reporting your payments correctly. When you make your payments on time they should not be reported late.
Considerations
A credit report can be used to help you dispute those items which should not be there. A credit reporting agency has 30 days to investigate inaccurate or incomplete information on your credit file.
Effects
When creditors reject your credit application because of your credit file, you can review your credit report to see what they are talking about. Sometimes a rejection can occur because of bad credit. It can also be a result of insufficient credit and too much credit.
Types
You can get a free copy of your credit report, once a year, from AnnualCreditReport.com. This website allows you to receive a copy from all three credit reporting agencies, which are Transunion, Experian and Equifax.
Features
You can use your credit report to add favorable credit ratings which don't usually get reported according to MSN Money. You can use a credit report to run a complete tally on your total outstanding debt. This will help determine if your personal records are accurate. All three credit reporting agencies may not have the same information.
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