Credit Report
What is a credit report?
A credit report is a type of consumer report that contains information
about where you work and live and how you pay your bills. Credit bureaus
compile and sell your credit report to businesses. Because businesses
use this information to evaluate your applications for credit, insurance,
employment, and other purposes, it’s important that the information
in your report is complete and accurate.
This could be especially important if you’re considering making
a major purchase, such as buying a home. Checking in advance on the
accuracy of information in your credit file could speed the credit-granting
process.
What does a credit report contain?
Although the style, format and coding may be different depending on
which credit reporting bureau is used, the typical person's credit report
includes four of the following types of information:
- Personal Information
- Public Record Information
- Credit History
- Inquiries
- Personal Information
-
In addition to your name, address, et.al., personal information includes
such things as marital status, name change, spouses employment, your
employment, position within company, salary, as well as former employers.
- Credit History (Reported Accounts)
-
divided into 2 categories: MONTHLY and DEFAULT... 1.) MONTHLY ACCOUNTS
- Financial institutions, finance companies, commercial lenders, charge
card creditors, larger department stores, as well as oil and gas companies
all report your history monthly. These reports include your name,
type of account (revolving, installment, etc.) account history, payment
history, who owns the account (joint, etc.), credit limit, and current
balance.... 2.) DEFAULT ACCOUNTS - Landlords, utility companies, insurance
companies, local retailers, doctors, and hospitals are some of the
creditors who report only when the consumer has defaulted on a payment.
Information usually includes your name and account information plus
a delinquency report such a as 60, 90, or 120 days past due.
- Public Information
-
Law suits, bankruptcies, liens, and court judgments are examples
of legal public information. There may also be financial public records
such as charge accounts, loans, and debts.
- Inquiries
-
The very important inquiries area includes: potential creditors,
employers, landlords, as well as any others who have requested a copy
of your report within the last 12 months. These inquiries often remain
for 2 years. Be aware that too many inquiries could adversely tell
a potential creditor you are desperate. Even unsolicited credit offers
through the mail appear in this area and they too can affect your
loan procurement. The good news is that they are readily identifiable
as promotional. The bad news is, they are still an inquiry.
To get a copy of your credit report, click HERE.
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