Here are some Credit Score Repair Basics to help you protect and maintain your credit profile.

Everyone has heard that they should guard their credit report, as it is very important. Many people tend to forget about that warning until they are denied for a loan and then suddenly, their credit report becomes the most important thing in the world to the, Maybe it was not an error on their part but rather that they were a victim of identity theft. To make sure that you are on the right track you will want to review what is typically found on a credit report and understand the precautions that you can take.

First its important to obtain copies of your report from all three credit bureaus. A good place to do this is at Equifax themselves. You can get the 3 in 1 credit report – I personally monitor my Fico score as well but you don’t have to. These are the bureaus that your creditors report to and you will need to investigate all three to determine what incorrect and derogatory items you have.

The reports will have several sections. Know that there will not be personal or private information about your race, net worth, or salary included. There will be the usual identifiers such as name, address, and social security number in the first section. There will be a section related to any trade lines. These lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each trade line was opened, limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.

The court system also reports to the credit agencies. Generally, these reportings consist of divorces, judgments, liens, and bankruptcies.

Any time you apply for a loan or charge card there will be an inquiry made to the reporting agencies. Your report will include not only these inquiries but inquiries by you. Inquiries normally remain for 2 years. Be aware of your inquiries as they can be a good early warning sign if someone is attempting to get credit in your name.

Of course, there is no hiding that it is important to make sure that your credit report is cleaned up and stays that way. Each piece of negative information that is reported on you will remain on your report for seven years. Bankruptcies will remain for ten years.

It is important to make sure that you are reviewing your credit reports with a fine tooth comb to make sure that you are fixing all errors. Even a small error could cost you thousands of dollars in interest rates. It is up to you to make sure that your credit report is clean as no one else is responsible for it. It may seem like a lot of work but it is well worth it in the end.