Knowing your credit score puts you in a vantage position when evaluating the options of getting mortgages and loans from banks. You can work to better it, or maintain the score in a good range, but before you pull one of these reports, there are 5 things you must know first.

All Canadians and Americans are entitled to receiving an annual credit report without being charged for it. This is meant to help them in a number ways including prevention of identity theft, fixing mistakes in one’s records and cleaning credit worthiness. Most credit reporting agencies usually display links that allow citizens to get a credit report. If you are an American or a Canadian, you will definitely get this report without paying for it. When you go for this important report, here are 5 important questions to ask.

1. Who has access to your annual credit report? Basically, the information contained on the annual report of your credit score is available to the owner. You are the one who can order for this information although there are instances when a few other people can see your report. For instance, when you permit loan checks to be done, your credit file is likely to be accessed. Also, when there is need for the information in the report to be disclosed to courts of law, due cause is given and access granted.

2. When is the credit report available? Credit reporting is done for every social security number in the United States. This means that every person from the age of 18 and with a social security number is entitled to getting a credit report. For the first time, the report may contain a score that is lower than average because there is not enough history established on the specified social security number.

3. For how long are lender reports kept for credit reporting? This is important for anybody who intends to keep track of their credit score especially if they intend to borrow loans or mortgages. An annual credit report will contain records of up to 10 years, although tax liens can last up to 15 years on your report. The positive reports are likely to last for at least 7 years.

4. How is any new information reported? Lenders normally keep in touch with credit bureaus. They keep updating them on the credit details of every individual they engage with to enable the bureaus to aggregate information on their clients. Based on the kind of reports provided by their partners (usually lenders or financial institutions), the credit bureaus use this information to prepare your annual credit report.

5. How can you change information on a credit file? It is common to find an error on your report that will need amending. When this happens, you will need to file a complaint and provide proof that the error is not caused by you. It takes between 30 and 60 days for the report to be rectified.

Every consumer has a right of getting a credit report that reflects the fair credit score they have. This information determines if they will be able to access loans at attractive interest rates or not. Therefore, it is important you obtain your annual credit report to know how you are faring.

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