Repair My Credit

Credit reporting agencies are one of the main reasons why the American economy has flourished over the past 50 years. Our economy has benefited from the credit score system for over 45 years. Centralizing the storage of our credit information allowed lenders to offer credit in wider areas. Credit cards soon followed and our economy was transformed.

Credit reporting offered merchants the opportunity to make sound fiscal decisions in regards to credit. This dramatically lowered losses merchants incurred from faulty or bad credit. Credit reporting benefitted the people because it meant that merchants and lenders were able to extend credit to more people.

It is estimated that less than 5 % of Americans know their credit score. Few could name the three major credit reporting agencies. Few Americans know the power their credit score wields over their lives. It can control the amount you pay for insurance and the type of employment available to you.

Credit reporting information is available to every American. Most Americans do not realize that they can obtain a free credit report. Credit reporting is used by every major department store in the country to determine who is extended credit.

Most of the time, the consumer is not even aware that a company has checked their credit. The fact that they are going to use credit reporting in their determination is usually buried in the fine print. Quite often only your credit score is used. The credit reporting agencies sell this information to businesses for a fee. It is often provided in an amended credit report that simply has your basic information and your score.

Credit reporting is important for individuals and families because it often contains errors. These credit reporting errors can be the difference in your receiving a home loan or not. Accurate credit reporting is very important. It is your responsibility to monitor your own credit. The government has passed legislation that gives us the right to free credit reporting information. All we have to do is ask for it.