Do you think it’s possible to watch TV for a day and NOT see an advertisement about checking your credit report? We are constantly being urged to review our credit history. But why? How can you help yourself by knowing what’s in your credit report?

If there are errors in your report, you (1) may not be able to get credit, or (2) the credit you get may be expensive. The Fair Credit Reporting Act gives you the right to know what’s in your report and to make sure mistakes are fixed. If inaccurate information keeps you from getting credit for which you applied, the law says that you’re entitled to get contact information of the credit bureau so you can follow up.

You can request to see what’s in your credit report. You may not understand the raw report, so the law also says the credit bureau must help you figure it out. They can’t charge you for a copy of the report if you are investigating a credit refusal that happened within the last 60 days.

There may be nothing wrong in your credit report. But if there is, credit bureaus have 30 days to correct it after you’ve notified them about the error. The bureau goes back the specific lender who submitted the info. If they think the data is correct and have something to back it up, then it may not be changed in your report. You can include a statement of your own if you still disagree with how things turn out.

Negative information only stays in your credit history for a certain amount of time. In most cases, bankruptcies are not reported after ten years. Most other negative information isn’t reported after seven years.

Not just anyone can look at your credit report. There has to be a legitimate business interest involved. Normally you will have to provide permission for accessing your credit history.

It’s in your own best interest to make sure your credit history is accurate. If you plan to use credit in your overall financial strategy, then you don’t want thing bogged down by mistakes. The best plan is to keep tabs on your credit report and make sure it represents a true picture of your financial situation at all times.