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Everything You Always Wanted To Know About Your Credit
Report
Your credit report is a very powerful report that essential
controls what you can and cannot do in your life. Unfortunately
many people aren't aware of what a credit report actually is and
what information is contained on the report. This article breaks
down what is contained on your credit report and tells you
everything you always wanted to know about your credit report but
were afraid to ask.
Your credit report is nothing more then a very detailed
snapshot of your financial history that is furnished to anyone
supplying you credit from the credit bureau. There are three main
credit bureaus that handle a majority of these credit report
request. They are Experian, Equifax and Trans Union. Each of
these organizations are private in nature and routinely furnish
your credit information when asked to do so for a fee.
Generally speaking the credit reports provided by the credit
bureaus are very detailed and very accurate. For instance it's
not uncommon for them to have information regarding missed
payments as far back as 6 or 7 years. They collect this
information in order to provide it to creditors prior to their
providing any form of credit to a consumer seeking credit. The
creditors can use the information they receive to determine if
that same consumer can be considered a good credit risk. A good
rating allows for more favorable credit terms while a poor rating
essentially ends any chance for a consumer to obtain credit in
the first place.
The amount of time that a blemish (such as a missed credit
card payment) stays on your credit report can vary but normally
these negative items are deleted after 7 years thanks to the
Federal Fair Credit Reporting Act. Bankruptcies are another
matter entirely and they normally remain in place for up to 10
years. Keep in mind that credit inquiries stay on your credit
report for 2 years so closely monitor the number of times you
apply for credit since a high number of inquiries can be viewed
in a negative manner.
Until recently in order for a consumer to view their credit
report they had to order a copy from one of the three main credit
bureaus and pay a small fee. However new laws now allow for 1
free credit report every year to any consumer that wishes to see
their credit report.
The power of your credit report is incredible. Even if you
have built up a positive credit report any missed payment no
matter how small the amount can result in a denial of credit. The
best advice most credit can give is to stay current on your
entire monthly financial or reoccurring obligations and don't
overextend yourself financially.
Hopefully this quick article answered a few of your questions
regarding your credit report. More detailed information can be
found in various locations throughout the Internet. Don't forget
to request your free copy of your credit report so you can see
where you stand in the eyes of future potential creditors.
Timothy Gorman is a successful Webmaster and publisher of
Debt-Relief-Solutions.com. He provides more debt relief,
consolidation and credit
repair information that you can research in your pajamas on
his website.
MORE RESOURCES:
Credit - Google News
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