A Credit file can be legally corrected, such as late payments, charge offs, student loans, foreclosures, judgments, repossessions, personal Identification, closed accounts, bankruptcies, negative settlements, liens, collections, and much more etc...Of course, a higher credit score means you can qualify for lower rates on any loan and ultimately save thousands as mentioned before. Negative items on your credit reports can often be deleted without having to wait 7 to 10 years. Improve your qualifications for employment since now more than often, employers rely on credit reports to screen job applicants. Do not lose out on that dream job for negative items on your credit reports, because you don't have to. Even Landlords have become increasingly cautious renters, because they use credit reports to determine a renter's eligibility status. Dispute letters can be sent out to refute negative items,and you will start to see changes to your credit reports, you may want to to consider doing a monthly credit score check to see how your scores are improving. A good financial plan is the start to you ensuring financial stability in your every day life as it allows you to have financial independence so that credit never becomes an issue. The Federal Trade Commission and Consumer Protection have enacted hundreds of regulations that the credit reporting companies, collection agencies, and credit bureaus must comply with in order for any reported item to remain on your report.