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There is not a worst humiliating moments than not getting credit approval to buy something that you need or want. Credit plays a vital role in people’s lives and by having good improved credit, it gives them a great deal of discretion once it comes to buying a house, a car, or apply for a credit card. Those with a good improved credit can enjoy a better shopping experience without paying higher interest rates. The credit bureaus sometimes called credit-reporting agencies keep a log of your financial records known as credit reports. The credit report compiles detailed information from many sources like that bank to which you applied for a credit card, that dealership to which you bought your car from, or that department store to which you got a department store credit card from. There are three big credit bureaus (Equifax, Experian, TransUnion) that keep history of how you handle yourself financially. They maintain information about you and your credit experiences, like your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts. Future lenders depend on financial history kept by them to decide whether to qualify you for that second mortgage, that new car, or that credit card. The fact that lenders information differently, your credit report does not have uniform content. It varies from one credit bureau to another. One might qualify as a low risk borrower, and the other one qualifies you as high risk. This is why, it is very important to check your credit report from all three bureaus for validity. It is very common for erroneous information to be reported in your credit report. Matter of fact, 75 percent of the US population has one sort of erroneous information on their credit report. That is why; the Fair Credit Reporting Act was passed to help consumers fight inaccurate information on their credit report. A list of commonly asked questions and answers is given below.What type of information do consumer-reporting companies collect and sell?A consumer reporting companies collect and sell four basic types of information:· Identification and employment information: Your name, birth date, Social Security number, employer, and spouse's name are noted routinely. The consumer reporting company also may provide information about your employment history, home ownership, income, and previous address, if a creditor asks.· Payment history: Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as the referral of an overdue account to a collection agency, also may be noted.· Inquiries: Consumer reporting companies must maintain a record of all creditors who have asked for your credit history within the past year, and a record of individuals or businesses that have asked for your credit history for employment purposes for the past two years.Public record information: Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report.Is there a charge for my report?A. Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.To get a free copy of your credit report, you can visit www.annualcreditreport.com or Call toll free: 1–877–322–8228. Hearing impaired consumers can access our TDD service at 1–877–730–4104There are some other situations that can qualify you for a free copy of your credit report. Under federal law, you're entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. If you want to buy or request a free copy of your credit report, your can write or visit the appropriate credit reporting agencies to buy a copy of your report, contact:Equifax800-685-1111www.equifax.comExperian888-EXPERIAN (397-3742)www.experian.comTrans Union800-916-8800www.transunion.comBrought to by www.americafinancialsolutions.com