Let’s say you are filling out a lease application on your first apartment. Everything is in order, then the leasing agent asks for your social security number so that she can check your credit report. Yikes!!

If you keep up with your bill payments and have a regular income, this is not necessarily a bad thing. Apartment complexes and car dealerships are examples of some places that are extremely interested in your past. They want to be absolutely sure that you have the means to make payments to them and that you have a history of making payments on time. So, they contact one or all of the three major credit reporting companies, Equifax, Experian, and TransUnion, and request your credit report so they can evaluate your history and rating and determine their level of risk. They will use this information to determine if they want you as a customer and if so, how much you will pay in interest, deposits, or upfront fees.

Credit reporting companies make it their business to track important information about you. A typical credit report includes the following:

• Personal information

• Public information

• Collection Agency Account information

• Credit Account information

• Companies Requesting your File