Credit Report Contents
If you have recently been denied credit or plan to apply for credit soon, it would be wise to obtain your credit report. You know that it is a document that is the foundation of a decision on whether you will receive credit.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.
Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.
The court system also provides information to credit reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.
Request those credit reports from all 3 agencies. Compare the reports, be aware of discrepancies and fix errors. We have a personal responsibility to monitor our own credit profile, fix mistakes and, if needed, repair our credit.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.
Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.
The court system also provides information to credit reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.
Request those credit reports from all 3 agencies. Compare the reports, be aware of discrepancies and fix errors. We have a personal responsibility to monitor our own credit profile, fix mistakes and, if needed, repair our credit.
About the Author:
With unprecedented challenges in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Complete FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
posted by Debt Consolidation Loan at
6:14 AM
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