The credit report tells how you've managed your credit in the pasts. Companies look to credit reports to determine your credit worthiness. If your report indicates that you've maintained your credit well, you shouldn't have a problem receiving additional credit when needed, provided you have enough income to qualify for additional credit. If on the other hand, you have a poor credit history, you could be turned down for additional credit based on negative information contained in your credit report.

When a creditor denies your request for credit based on information in your credit report, the creditor must indicate that and name the bureau that provided the information. Bureaus are required by law to share with you any information they have on file about you.

To find out what’s in your credit report, contact the local credit bureaus, A copy of your credit report will cost between $10 and $20, Experian (formerly TRW Credit Data) charges $8.25, but if you’ve been denied credit within the past 30 days, your credit report is free.