You can repair your own credit

Your report is a listing of your payment history on credit cards and loans, including your mortgage.  It includes information about outstanding loans, debt repayment and credit limits. It may also include non-credit information, such as jobs you have held, public record information, your date of birth and your address.

Your report is reviewed by lenders when you apply to them for credit. They use the report's information in deciding whether to give you a loan. Reports are maintained by reporting agencies. These private companies work with banks and other lenders. The three biggest national  reporting agencies are Experian, Trans Union and Equifax.

If you have ever fallen behind in making payments on loans or on your credit cards, it may be difficult for you to get a new loan, an apartment or even a job. Most negative information—including information about federally-guaranteed student loans—stays on the report for seven years after it was reported; bankruptcies stay on for 10 years.

It also is possible that incorrect information may be in your credit report. For instance, your report might contain a statement that you failed to pay a debt that you did pay, information about another person with the same name, or a court action you were not involved in.

Read more in the ACR Ebook

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