Your credit score is just a number that is based on your credit report. So having an accurate credit report is essential to maximizing your credit score, and getting and maintaining good credit and Qualifying For Credit.

Your credit report is a record of your personal credit history, based on information submitted by your lenders, your utility and cell phone companies, your landlord, and others with whom you do business. If there is a problem on your credit report, there is something you can do about it -- you can request your credit report and have the errors corrected.

Your credit report can affect your entire life. A good credit report can make it easier to buy a car, rent or buy a home, or qualify for the job you want. That's why it's important to review your credit report at least once a year and make sure it's accurate.

The Fair Credit Reporting Act guarantees you access to a free credit report from each of the three nationwide reporting agencies -- Experian, Equifax, and TransUnion -- at your request, once every twelve months.

The only authorized source for consumers to access their annual credit report for free is at www.annualcreditreport.com. You can also call 877-322-8228, or mail a request to:

Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281

You can order all three credit reports at one time, or at different times throughout the year. But be sure to order your reports from the web site, phone number, or address above. If you order directly from the credit reporting agencies you may be charged a fee.

Click on the link below to download a Report Request Form for you to use in case you want to mail in your request.

If you need additional copies of your credit report you will probably have to pay a fee, which varies by state.

You are also entitled to additional free copies if you have been denied credit, insurance or a job because of something in your credit report, or if you are on welfare, or if your credit report is inaccurate due to fraud (identity theft).

Your credit report does not contain information about your race, gender, religion, or political affiliation. It only contains financial information to calculate your credit rating. If your credit rating is low, one reason might be that the report contains errors.

Always check your credit report carefully for errors. Make sure that all the transactions and accounts listed are actually yours. Even if the name matches, look at the address associated with that name to make sure it is yours. And always make sure the listed social security number is correct.

Credit bureaus receive and process millions of pieces of credit information every month, and they do make mistakes. Credit bureaus are legally required to investigate whenever you dispute any information on your credit report, and they must correct all errors you bring to their attention. But remember that you are ultimately responsible for the accuracy of your credit report. That's why it's important to check it over carefully for mistakes.

When you receive your credit report, you should also receive a dispute form with it. Use this form to alert the credit bureau that there is incorrect information on your report. By law, the credit bureau must investigate your claim and respond to you within 30 days. Even if the credit bureau disagrees with you and says the disputed information is accurate, you still have the right to include an explanation (up to 100 words) that must be included in your future credit reports.

Improving a bad credit report won't happen overnight, but there are some things you can do to make it happen. Review the slide above for a list of some actions that can help improve the information on your credit report.

Credit repair companies are for-profit companies that charge a fee to help you raise your credit score. Be wary of companies that promise to do things for you that you cannot do yourself, like erasing accurate credit information, or getting you a new credit history or identity.

Be especially careful of companies that suggest replacing your Social Security number with an Employment Identification Number (EIN) when applying for credit. It is illegal to make false statements on a credit application, and it is a federal crime to obtain an EIN under false pretenses.

Credit repair agencies are federally regulated, and must observe laws that have been set up specifically to protect you. For instance, credit repair agencies are required to inform you of your rights as a consumer, and they are not allowed to charge you until they have completed their services. In addition, they may not perform services for you without a written agreement, and they must give you three days to change your mind and cancel the agreement without any charge or penalty.

If you don't pay your bills on time, you become "delinquent" and sooner or later you will hear from your creditor, or from a collection agency. The chart above describes the three common stages of delinquency, and the actions a creditor might take during those stages.

By law, there are certain things collection agencies can and cannot do in their efforts to get you to pay. Do you know your rights as a consumer? Review the following list of legal and illegal collection practices:

LEGAL

Contact you by fax
Tell your attorney that you owe money on an unpaid debt
Ask your attorney where you work
Contact you by phone between 8am and 9pm
Sue you

ILLEGAL

Lie to you
Use obscene language
Call you in the middle of the night
Contact you by postcard
Ask your neighbors where you work
Tell your neighbors you owe money on an unpaid debt
Threaten harm to you or your family

When you co-sign on a loan, you are legally obligated to repay the debt if the original borrower defaults, and any negative information on the loan can damage your credit record. If you have co-signed for someone and they failed to make payments, try negotiating directly with the creditor to reach an acceptable repayment arrangement. As always, make sure to get any agreement with the creditor in writing.

So let's wrap up. Your credit report is a record of your positive and negative credit history. You should request a copy of your credit report once a year from each of the 3 major credit bureaus to help you Manage Your Debt. If there are problems on your credit report, you are responsible for fixing them, and you should do so right away. You can dispute inaccurate information by sending a letter and either a completed dispute form or a brief explanation of the error. Watch out for "credit repair" deals that promise to help you fix your credit. If they offer to do something you couldn't do yourself, it might be illegal.

Your credit report can affect your chances of getting a loan, or even a job. And the negative information will follow you for 7 to 10 years. It's best to pay your bills on time, but if you become delinquent, take the lead and contact your creditors early to minimize the damage. And if the debts do go to collections, remember that the collection agency must follow laws that protect you from abusive or unfair practices.