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.

You need to know that there are actually three major credit reporting agencies. These are: TransUnion, Equifax, and Experian. It is possible to receive a free copy of the report from each agency once a year. See freeannualcreditreport.com for information on how to obtain the three copies. You need all three because differences may be apparent.

The reports will all contain a section with the usual identifying information such as name, address, social security number, etc. The reports will not have information about you personally such as race, assets, salary.

There will be a section related to any credit lines. These credit lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each credit line was opened, credit limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.

The court system also provides information to credit reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.

Any time you apply for a loan or credit card there will be an inquiry made to a credit reporting agency. Your credit report will include not only these inquiries but inquiries by you. Credit inquiries remain for 2 years.

There is no problem if your credit report is positive. However, any true negative comments will stay on the report for 7 years. Bankruptcies stay on 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.