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Debt Management for Novice
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Credit Report

For individuals working to resolve debt and to repair their financial good name, a credit report is a vital aspect of debt rehabilitation. Essentially a credit report is an historical assessment of an individual's financial activities in regard to past loans, overall record of payment, negative financial incidents like bankruptcies, and in general their ability to live within their means.

This information is gathered by a credit reporting agency (sometimes incorrectly referred to as a credit bureau) which utilizes various mathematical formulas to assign a numerical value to a person's credit history. In the United States a score of 640 is considered positive whereas 800 to 900 would be regarded as excellent. (Scores that high, however, are rare.)

Credit report information must be disclosed to the individual upon request according to U.S. law. When an individual begins the process of consolidating and resolving debt, a review of their credit report should be one of the first steps taken.

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