It is important to keep a record of the loans, payments and credit limits you have had over the years. Your credit report is just that: a record of loans, payments and limits you have had during the past seven years. The information is provided by companies that have given you credit or loaned you money. Your credit report also has information about you from public records, overdue child support payments, and the names of everyone who recently asked for a copy of your report.
Why is your credit report important? It is used to help lenders decide whether to give you credit, and it helps employers or landlords make decisions on whether to hire you or rent you an apartment.
Remember, a good credit report is very beneficial to its owner. So make good use of this record by keeping it clean. It is recommended you check your report at the three major credit bureaus at least every other year.
Source: Consumer Action News, Winter 1997-1998, p. 2
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