A credit report is updated systematically to include all new activities and financial history. Each agency adopts its own schedule and frequency of updating information, so available reports may slightly differ from one another. Still, all three agencies eventually capture the same information including your identity, accounts, and inquiries.

**You are legally entitled to receive a free copy of your credit report once a year from each of the three credit reporting agencies. You do not have to get all three reports at the same time. In fact, it is smart to space them out and check one report every four months!

What information does each agency capture?

Your identity and financial behavior
A list of your accounts
Hard inquiries (like applying for a new card)
Soft inquiries (like checking your report for errors)
Public records (like bankruptcy, tax alien, civil judgements, etc.)
Late payments and delinquencies

Every credit card you open gets recorded in your history and credit report, including department store credit cards, bank cards, travel cards, gas cards, etc. All positive information remains indefinitely on your report, such as paying on time and paying in full. All negative information (such as late payments, reorganization of debt, liens, foreclosures, etc.) age-off after seven years. Bankruptcy remains for ten years, child support as well. Defaults on student loans are reported until satisfied.

How to control credit card debts

First and foremost, don't open a credit card unless you are serious about having that particular card and intend to keep it for a long time. Try not to be seduced by rewards and token gifts to get you to open a credit card. Get one when YOU are ready! If you do open a credit card, charge only what you need and know you can afford to pay back IN FULL and ON TIME. In case you can't, it is always smart to have an emergency fund on hand in the event that you over charged your credit card.

What is a cash advance?

A cash advance lets you borrow a certain amount of money against your credit card's line of credit. Typically, you are charged a fee for the service and an increased interest rate on the balance. However, don't get into the habit of pulling out cash regularly! Although it is not displayed on your credit score, this service should only be used in emergency situations. And remember only to pull out the cash you know you can pay back at the end of the month.