If you've ever applied for a credit card or loan, you've probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. Even if you're not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.
So whether you knew it or not, your credit report can have a major impact on your quality of life. With this said I'm sure you can now see that there is a benefit to obtaining and then verifying that the information on your credit report is accurate and true.
You can request copies of your report from the three major credit bureaus: Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit Reporting Act requires each of these national consumer-reporting companies to provide you with a yearly free copy of your credit report upon your request.
Basically, your credit report is a summary of how you pay your bills; repay loans; how much credit you have available; what your monthly debts are; and other types of information that can help a prospective lender decide if you are a good credit risk.
Your credit report is made up of several sections. The first section contains personal identifying information such as your name, current and previous addresses, social security number, telephone number, birth date, and your current and previous employers.
Your bill paying history with banks, retail stores, finance companies, mortgage companies, and others who have granted you credit is one of the most important parts of your credit report. Public records that might indicate your credit worthiness, such as tax liens, court judgments, and bankruptcies are also included in the section detailing your credit history.
Your credit report includes a comprehensive listing of all credit granters and other individuals who have received a copy of your credit report. In addition, lists of companies that have received your name and address in order to offer you credit are also included in your credit report.
Most credit bureaus allow both the consumer and the creditor to make statements if there is a dispute about something on the report. If applicable, your credit report will include these dispute statements.
Your credit report does not include bank account balances, race, religion, health, criminal records, driving records, or annual income. You've probably heard about a FICO credit score as well. Credit scores are based on formulas that use the information in your report, but they're not considered part of your credit report.
Problems with your credit report will result in you either being denied credit or receiving a higher interest rate. Red flags on your credit report include excessive applications for additional credit, a short credit history, a high debt ratio, and late payments to previous creditors. In most cases, negative information will stay on your report for seven years. However, bankruptcy information stays on your credit report for ten years.
To help improve your credit report, always remember to close unused accounts, pay your bills on time, never use all of your available credit, and don't apply for unnecessary credit.
If you would like to get more free credit report information you can visit our website which contains many credit report resources. http://www.my-credit-report.info
This article is copyright 2005, but can be freely reprinted, as long as no changes are made, including hyperlinks.
Even if you have heard of a credit report, you... Read More
Moving money from credit card to credit card to take... Read More
Credit card debt is a major social problem in some... Read More
Your credit score can either haunt you or reward you.... Read More
According to the September 2004 issue of the Nilson Report,... Read More
Owning a credit card can be quite an advantage. Whether... Read More
You've just opened your credit card bill and attached to... Read More
You've probably heard the term credit scoring. You may have... Read More
There are many misconceptions about credit scores out there. There... Read More
Your credit report is a very powerful report that essential... Read More
Prepaid debit cards are great financial tools and may be... Read More
Credit counseling companies come in all shapes and sizes. Whether... Read More
The credit card companies make billions each year in legitimate... Read More
If you want to enjoy your life out of spending,... Read More
Have you ever wonder about how to get good credit... Read More
What you might not know about credit.Some people don't know... Read More
When you apply for a loan or a mortgage, the... Read More
If you want to purchase a new home or refinance... Read More
A credit score is most commonly known as a FICO... Read More
Sue is a homeowner and pays her mortgage and other... Read More
Most of us want a good credit report to obtain... Read More
A line of credit, roughly defined, is the amount of... Read More
Credit cards can be a very quick way of getting... Read More
Making Your Credit Rating Work For YouOne of the basics... Read More
Under the Fair Debt Collection Practices Act, collectors are not... Read More
When you buy real estate, lenders run all of the... Read More
When I received my first credit card in the mail... Read More
In their quest to get you to sign up for... Read More
Credit cards have migrated from being hip or convenience product... Read More
Today, selecting the proper credit card can be a bit... Read More
Identity theft is the fastest growing crime in America. According... Read More
Credit is currently and has been historically an integral component... Read More
What are the avenues available to businesses with weak credit... Read More
Raising your credit score can be a fairly simple and... Read More
Do you have a poor credit rating? If so, you... Read More
There are a whole variety of different types of credit... Read More
Obtaining a credit report is an excellent way to begin... Read More
The all important credit score! It determines the amount of... Read More
A credit score is most commonly known as a FICO... Read More
There are not many of us who do not have... Read More
If you want to purchase a new home or refinance... Read More
So-called "credit repair" companies claim they can remove negative information... Read More
Millions of Americans suffer because of bad credit these days,... Read More
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More
2005 marks the year that consumers will be able to... Read More
As identity theft becomes more prevalent, the need to regularly... Read More
Once you've been paying off a credit card for a... Read More
INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The following is part... Read More
It wasn't all that long ago that lenders blatantly discriminated... Read More
A credit card allows you to buy things even though... Read More
Someone impersonating you could be spending your hard-earned money.Impossible! Not... Read More
Many of us have seen the advertisements on television. "Get... Read More
Consumers interested in purchasing or refinancing a home will pay... Read More
There are many of us that have been badly stung... Read More
Let's face it, if you are facing the possibilities of... Read More
Get your credit report online for FREE. Many financial advisors... Read More
Now in a world with so many easy to get... Read More
It is very easy to find a site that is... Read More
When you apply for credit, those lending you the money... Read More
Many companies use the slogan "Bad Credit? No Credit? No... Read More
A good credit reward card can contribute to your retirement... Read More
Having credit education is like knowing how to read. It... Read More
Mark and Beth, a young married couple in their twenties,... Read More
If you're like most people, you probably own at least... Read More
Anywhere you go online nowadays, you will see a multitude... Read More
Credit cards are a form of unsecured credit. The issuer... Read More
Credit |