You filled out your first credit application you probably did not know all the information you
provided your potential credit grantor would be transmitted to a credit reporting company such as
Experian, Trans Union, or Equifax Credit Information Services. The creditor to which you were applying to for credit did not tell you all your personal identifying information, address, social security number, spouses' name, etc. would become a permanent part of the credit reporting company's computer bank to which that particular creditor subscribes and shares information. Of course, the creditor did not even tell you which of the three major credit reporting companies it utilized or the precarious position you may be placed in some time in the future as a result of the transfer of your personal information to one of these major credit reporting companies. An understanding of this initial process associated with your applications for credit is an important part of your opportunity for a totally positive credit report by controlling how your personal identifying information is used instead of allowing others, such as creditors and credit reporting companies, from using information about you without your knowledge or control. These are the steps you should take and the things you should think about before you fill out any credit application or give any of your personal identifying information to any one.
You must first decide if you really need credit from the creditor you are applying to for new credit. If you do fill out the credit application you must be aware of a variety of things. You must be aware all information you provide on a credit application will ultimately become part of a credit reporting company’s computer record. This is the beginning of the establishment of a credit reporting company’s creation of a credit file associated with your name.
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