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Making Sense Of
Your Credit Report
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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.
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.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
Other Credit And Real Estate Related Information
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