Whats in my credit report? - Even though each credit reporting agency reports information differently, most will contain the following:

-Identifying info, like your name, address, social security number, date of birth, and employment information are all used to identify who you are. Keep in mind that these factors are not used at all in calculating your credit score.

-Trade lines, which, essentially, are your credit account, new and old. Trade line information typically included the type of account, date you opened the account and the accounts credit limit or loan amount, among other things.

-Credit Inquiries. Basically, whenever you apply for a loan, you give permission for the lender to request a copy of your credit report. This is how inquiries show-up on your report, which also provides a list of everyone who has accessed your credit report within the last 2 years.

-Any public record information from state and county courts, including bankruptcies, foreclosures, law suits, wage attachments, liens and judgments.

Credit reports will also contain information on loans for which you have co-signed. Accounts in which you are simply an authorized user will also appear on your credit report. If you can document that another person in making the payments on these accounts, you may not be considered liable for these debts for mortgage qualification purposes.

Most credit reports will also contain a section that has a summary of all your entire credit history. This summary will usually state how much you owe and what your payments are for real estate debt, installment debt, revolving debt, collection accounts, and other miscellaneous debt. It will also include a quick payment history for each type of debt and the total number of accounts under each type of debt. This summary does not provide specific information on specific accounts but is nice to look at just to view a quick summary of your credit profile to see how your liabilities break down.

The credit report is one of the tools used by lenders to determin how much of a risk it is to lend you money. The credit report shows your history of making timely payments.

Keeping Your Credit Report Clean - You should always monitor your credit report to make sure that there are no inaccuracies. If there are, you need to have them removed immediately. Its been said that 1 in 4 Americans have incorrect derogatory information on their credit report, and some would place this number even higher. This negative information on your report lowers your credit score, and can cost you thousands of dollars on your next mortgage loan if you dont have it corrected.

Obtaining a copy of your credit report will allow you to see in detail the items that make up your credit profile. The first thing you will want to look for is errors and incorrect information.

If you see accounts that aren't yours or information that is not correct on your credit report, youu will need to contact the credit agencies and have the information updated or removed. Be prepared to send documentation to the agencies as well to support the changes that you are requesting.

Don't be intimated when dealing with credit bureaus or the companies who have reported the erroneous information. Disputing an inaccuracy does not have to be a difficult procedure. Most often your mortgage professional will have copies of standard forms and example letters to guide you. Make sure to document and date all of your correspondence to and from the companies.

Good credit is a management technique maintained though discipline...

Time and persistence is key when trying to remove negative items from your credit file.

You can receive a free copy of your credit report from all 3 credit bureaus yearly at [url]www.annualcreditreport.com[/url]. If you find any erroneous information be sure to dispute the information right away.

You should try to receive your credit report every 6 months. Go through it and make sure that everything on there is reporting correctly and that there is nothing strange. If there is somthing that catches your eye, make sure to send a certified mail to the credit reporting agency disputing the item that appears.

You can also contact your creditors directly to inform them if they are reporting inaccurate information. It is important to get their promises in writing and keep good records. You must follow up with both the creditors and credit bureaus to make sure that they have made the corrections they promised.

The easiest way to keep your credit report clean is to pay your bills on time. This will give you the best chance of having good credit, qualifying for the best rates on everything and having a nice looking credit report. While things do happen and items do get placed inaccurately on credit reports you should still monitor your credit and get a copy of your report at least once per year even if you have never been late on anything.

If you find errors on your credit report, pay close attention to which credit bureaus are reporting the erroneous items. Be sure to dispute or initiate a request for investigation with all the credit bureaus reporting these incorrect entries. Disputing with only one bureau does not automatically correct the records of the other two bureaus.

Keeping your credit clean should be a priority. You should be diligent enough to give yourself a "credit checkup" every year, much like you would make it a priority to get a medical or dental checkup.

If there is a problem with your credit report you can consult with a mortgage professional. They can help you keep your credit report clean and advise how to contact the credit bureaus to get results.

Even though negative items are only supposed to remain on your credit report for 7 years, sometimes the credit bureaus fail to update your file. In this case, a simple dispute should get the old item removed and may improve your credit score.

There are services that will help you monitor your credit report for a fee. Generally they are a waste of money. Take your credit seriously and review it twice a year. Have the numbers to the repositories ready to dispute any items reporting incorrectly. Damage to your credit can cost you thousands.

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