The Federal Trade Commission (FTC), the nation's consumer protection agency, provides great information that helps explain all about your credit report and the steps you need to take to safeguard it or make it better. You may be surprised to know that many people are not aware this information exists. For this reason, we have chosen to provide the information here for you. Take your time and browse through the material, making sure you understand just how important your credit report is and how you should protect yourself - and your identity - as it relates to your credit worthiness.

Do I have a credit report? I've never seen it...

If you've ever applied for a credit card, a personal loan, or insurance, yes, there is a file that is all about you. This file is your credit report. It is chock full of information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it. They use the information to evaluate your applications for credit, insurance, employment, or a lease.

Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments.

Nevertheless, newspapers, radio, TV, and the Internet are filled with ads for companies and services that promise to erase accurate negative information in your credit report in exchange for a fee. The scam artists who run these ads not only don't deliver — they can't deliver. Only time, a deliberate effort, and a plan to repay your bills will improve your credit as it's detailed in your credit report.