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If you have ever applied for a charge card, car loan, or other kinds of credit, you probably have a credit report (or credit profile). Credit Reporting Agencies collect and organize information about you and your repayment history.  Credit Reporting Agencies make your information available to those who are considering granting you credit. Landlords, employers, government licensing agencies, and insurance underwriters can also obtain your credit report.

Lenders will look at points such as:

• How promptly do you pay your bills?

• How many credit cards do you own?

• What is the total amount of credit extended to you?

• How much do you actually owe on all of your accounts?

• How long you have been on the Credit Bureau? If they find a history of late payments, bankruptcies, other collection activities, too many accounts, too much indebtedness, maxed out lines of credit, or multiple inquiries in the past 12 months, this could negatively impact your ability to get credit.

• What is on your credit report?

• Personal identifying information - name, social security number, date of birth, current and previous address, employers, etc.

• Credit account information - date opened, credit limit or loan amount, balance, monthly payment, payment history, etc.

• Public record information - bankruptcy, tax and other liens, judgments, and (in some states) overdue child support.

• Inquiries - names of companies that got your credit report, etc.

Your credit report does not contain information on checking or savings accounts, medical history, race, gender, religion or national origin, credit scores, friends, political preferences, or criminal records.

Negative information stays on your credit report for 7 years (or 10 year years, as is the case of some bankruptcies). Positive information stays on indefinitely. Inquiries stay on anywhere from 6 months to 2 years, depending on the type of inquiry.

If in fact you have negative information on your credit report, it's not the end of the world.  There are ways to dispute the information if it false or erroneous information. The first step is  to obtain a copy of your credit report.  Next, one is to dispute any of the false or erroneous information to the three major credit bureaus: Experian, Transunion, and Equifax. In most cases, if you supply documentation supporting your dispute to the credit bureaus, it only takes about 60 days to correct and update your credit report.

If you have bad credit and you know that you are 100% responsible, it does not mean the end of the world. There are numerous banks out there that specialize in financing customers with bad credit, no credit, bankruptcies, repossession, and/or foreclosures.