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All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied credit and realize that we must repair poor credit.

The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.

There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.

Lines of credit will be included such as balances, monthly payments, and credit limits. This section addresses credit cards, department store credit cards, mortgages, automobile loans, department store cards, gas cards. This will also cite dates accounts were opened, payment history (with late payments), unpaid child support, and overdrawn bank accounts.

Credit reporting agencies also receive information from the court system. This section will have a listing of bankruptcies, liens, judgments, divorce.

An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.

It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.

It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.