Personal finance news - CNNMoney.com Updated : Macy's reports overcharging customers Some Macy's stores overcharged holiday shoppers who used debit cards to make purchases on one of the busiest shopping days of the year. Publ.Date : Fri, 02 Jan 2009 15:27:22 EST Life after a six-figure salary Happy new year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one. Publ.Date : Fri, 02 Jan 2009 06:26:42 EST Keeping wealth in the family Lisa and Bruce Brown are fortunate enough to have plenty of assets to protect. Foremost of these is their children: The Browns are the proud parents of four-year-old Emma, and they have another baby on the way. The Oakland couple also have considerable assets of the financial variety. Thanks to diligent saving and smart property investments, the Browns have a net worth of nearly $2 million. Publ.Date : Wed, 31 Dec 2008 13:09:06 EST RSS For Web Pages More Web Site Traffic

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What is a credit report?

A person’s credit determines what he/she can buy, what type of home he/she can live and even what type of car he/she can drive. Anyone applying for a credit or a credit card or a loan should be conscious of previous dealings in money matters.  After receiving the application for a credit or a loan or a mortgage, the lender gets a copy of the person’s credit report from any of the three major credit bureaus Equifax, Experian and Transunion. This credit report is critical since this will determine whether the person can be granted a credit or a loan or a mortgage. It would be a good idea to get a copy of the credit report for a small fee and look for any errors and fix them before applying for the credit or the loan or the mortgage.

A credit report contains 4 types of information – personal identification, credit records, public record and inquiries. The most important area is the credit records. This section of the report contains records of all credit dealings including credit limit or loan amount, balance, monthly payment and payment pattern during the past several years.  A person has right to obtain a free credit report if he/she is denied a credit or a loan from the lender. The free credit report has to be requested within 60 days of the denial of the credit or loan.   

As mentioned above, if errors are found in the credit report, the three major credit bureaus can be contacted and actions taken to rectify the errors. Error free credit report goes a long way in helping one to obtain credit or a loan. You can get free credit reports online as many internet sources offer these. 

Links to various internet sources that give information on credit reports, debt consolidation loans, home equity loans, car loans, mortgage loans, personal loans and  credit cards are given in this website. Click through these links and understand the terms and conditions before applying for any of these loans, credit cards and credit reports.