Lenders will consider your credit report, credit score or both when deciding whether to approve you. By ordering your own credit report, you can see what information the lender sees when making their decision. You credit report contains your personal information and a detailed picture of your past credit history.
Free Access
Any time a lender denies your application, you can get a free copy of your credit report. The lender must tell you which credit bureau they used in making their decision. Bankrate reports that you have 60 days to contact the credit bureau and request a report. Under the Fair and Accurate Credit Transactions Act, all three credit bureaus must give you one free report each year. You can access your report from each bureau through Annual Credit Report.
Included Information
Your credit report will contain information on your past credit use. Any negative information you have such as a bankruptcy, a lien, collection accounts or a past-due credit card balance will appear on your credit report. Any account you have in good standing will appear on your report. For example, the credit bureaus track your payment history on your credit cards. The credit bureau will list your past payment history on your report. Any time you applied for a credit card or loan will show on your report. The credit bureaus keep a list of the name of the lender and the date you applied. Your credit report will also contain your personal information such as full name, home address, previous address and employer information.
Correcting Errors
You may find mistakes on your credit report. If you find an error, you can request that the credit bureau investigate the mistake. The credit bureau will typically complete an investigation and correct inaccurate information within 30 days, according to Bankrate. You can write a letter to the credit bureau stating which item you want to dispute. If you choose to mail your dispute, include a copy of your credit report and circle the error. You can also dispute your credit report online. Equifax, TransUnion and Experian have an online dispute form on their websites.
Tips
The credit bureaus update your credit report as soon as they receive new information from your lenders. For example, if your credit card company reports your monthly payments, your credit history will typically change every month. You should order a copy of your own credit report regularly to check for any possible errors. You can order your credit report for a small fee from each of the credit bureaus online, by mail or by phone.
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