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  • Considered as being nothing more than a pain in the neck, the credit file can carry advantages as well. Think of the fact that a good credit file is a business card that gives good reference and renders trust for a future employer.
  • It might sound a little bit weird, still the comparison with the business card is very proper. Almost the same info can be found on the record which comprises information about your own dealings with lenders. Just to mention some of these: name, address, gender, previous credit application within the last 5 years, info about your existing loans and so on.
  • Just think how embarrassing it would be to find out that you ran out of business cards exactly at the moment when a possible partner appears at your office.  It’s a double or nothing kind of a case, when either you admit the truth or improvise in order to cover the mess.
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credit cards faq/glossary
The most common questions asked about Credits Cards.
Credit File Basics
Lenders frequently use credit files in order to establish whether to grant or not a loan. Hope that everyone reading these lines is more than aware of the fact that, it is a waste of time, money, patience and practically everything; going to a credit reporting agency with something improvised. For this reason, the information on ones credit file is significant. Credit reference agencies can easily provide you with a credit report, all this free of charge. It would cost you nothing more than, giving them a very small amount of personal info.

The agent might be taken for a geologist, who digs in your credit history. Obviously the results will pop up much faster and more accurate than in the case of the scientist mentioned not so long ago. Traces highlight your financial background, credit activity and credit worthiness. The fact that a lender checks the credit file is nothing out of the ordinary; it really has nothing to do with the size of the loan one is asking for. Lack of credit history is not an imposing motive to be denied for a credit. It can be an impediment but still a customer has to start at some stage: applying for a low limit credit card would be a wise option.

If this too won’t be of great use, think of somebody close to you like a family member with a good file history who is willing to co-sign your credit application. Repaying the debt in a short period of time demonstrates that you are mature enough to afford a credit of your own. Well thought, but what about situations with a bad ending? What if you have done everything in order to keep the file spotless and still negative and damaging information slipped into? This would mean nothing more than being one of those Americans who face identity theft or something else deranging. Practically you could be on each of the continents. Do not let this happen to you!

Take the initiative and find out what exactly is in your credit file, identify and differentiate false from inaccurate. Analyze the file and do not disregard small details, as they could hide huge errors. If you have spotted anything misleading, correct it, so that everything becomes up-to-date. The entire file belongs to you, the primary responsibility of the credit bureau is to collect your personal information and obviously they are glad if you can straighten their activity. Besides this another responsibility would be to notify all potential creditors who had something to reproach because of a clumsy file within the past years and have the errors corrected.

No customer should ever become demoralized when it comes up to rights which are restrictions as far as the bureau is concerned. Each and everyone has the right to request a report and correct it.

It is never too late to ask for your rights. But in order to be fully entitled to them it would be wise to start inquiring six months before you need a certain loan. This period would enable you to remove possible traps well before the moment when you set yourself the purchase of a good or service.

The credit file is as important as having the proper currency in a foreign country. The money is at an arm’s reach and still unobtainable. Information equals not just with great knowledge but even lots of money. To underline how the credit file influences our living take for example the habit of employers who have made a habit in exploring our virtues according to what is shown in the file.

From a consumer to the other: take your time and make serious efforts to remove potentially harmful data and recheck it periodically for any compromising details.