Credit denial – If you are denied credit or employment, the person who denied you must tell you why and how to contact the credit bureau that provided the information. Dispute inaccuracies – If you find that your report has inaccurate information, then you can dispute the information and the CRA has to reinvestigate it within 30 days. Until it is proven accurate, they cannot put the disputed information on the report unless they include your written statement of dispute along with it. Outdated information – Usually, negative information remains on your credit report for seven years.

Employment history may not affect the credit score, but it could affect the chances that the individual is approved for credit in some certain situations. Employment history is used to determine the responsibility of an individual and can be taken into account in lending practices like mortgage approvals. Employment history is also used to create a trend determining the potential of the individual to repay the money which has been lent to the consumer. If the individual has been present at their job for more than five years and is employed in a secure industry, than chances are that this person will be able to repay a long term loan, like a mortgage.

The factors that are not used to create an approval or rejection in the case of a lender, these factors are:Â age, race, sex, marital status, education and income. These factors are not included when it comes to approval for loans or to determine the credit score an individual. Other factors that are not used to calculate the credit score are the length of time that the individual has spent at their current address or the state of whether they rent or own their own home.