When people talk about your credit, they are talking about your credit history. Your
credit history describes what credit you have a applied for, what current you have
and have had, and how you pay your bills. This credit history is found on your credit
report. Your credit report will also list your name, address, social security number
your credit cards, you loans, how much money you owe and the payment history for
Lenders look at your credit reports to see the record of your payment history and
the debts you may owe. The use your credit history to make decisions as to the
credit risk you may pose, meaning, what are the odds that you will repay the debt
in in a timely fashion. Your past credit history is the best indicator of your future
credit behavior. It is important to remember, when lenders and credit issuers look
at your credit reports they assume all the information is true and correct.
If your credit history is not 100% accurate, has mistakes, misinformation,
misleading, incomplete, untimely or unverifiable items reporting on it, creditors
may not be getting an accurate report of your credit history.
It is your legal right to dispute inaccurate, unverifiable or incomplete items on your
credit reports. Protect your credit history and if your report contains any of the
negative questionable items mentioned, you have the right to dispute them in an
effort to get them correct or removed from your credit history.