The information in your credit report determines in large part what kind of credit, from car loans to credit cards to mortgages, you’ll be able to get. Federal law gives you the right to know what consumer credit information is collected on you and you need to exercise that right.

A home Foreclosure will stay on your credit report for seven years. This can make it difficult for you to purchase big-ticket items such as a car or a house if you cannot afford to pay cash. However, if your foreclosure was unjustly executed, or the institution that provided your mortgage is not fairly reporting your credit, there are steps you can take to have the foreclosure removed early.

Whenever a creditor views your credit history, it will appear as an inquiry on your credit report. Too many inquiries can lower your Credit Score, which may cause your credit application to be denied.

If the lender has not followed your state’s car repossession laws to the letter, they can be prohibited from collecting any judgment in court or wage garnishment for that matter if a lawsuit is brought against you for the deficiency. You have rights as a consumer before, during and after repossession and it is up to you to exercise them.