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Credit Reports Inside and Out
The Credit Report is like your scorecard in the lending world.
Every time you prepare yourself to acquire or purchase something
that requires financial assistance from a lending institution,
your credit report will be your "presentation card".
You also need to realize that other entities like employers
and insurance companies often use your credit score to determine
if they want to do business with you.
There are three credit bureaus where you can request a copy of
your credit report (Equifax, Trans Union and Experian); and the
information that you'll get with any of these three bureaus it's
basically the same: your current and previous address, social
security number, date of birth, current and previous employers
and of course a list of every single open account you have with
data like: credit limit, current balance, minimum payment, and
your payment behavior.
Once the Credit Bureaus gather all your information, they give
you a rating between 300 and 850, being 850 a perfect credit
score. Each Credit Bureau makes its rating individually, and you
will want to get the blended credit score at least once a
year.
You can't assume that because one of your reports is showing
accurate information that the other two will be showing the same.
In fact, it's very common to discover discrepancies between the
three reports.
Also, you must know that a credit score under 600 is consider
very risky and a credit score above 700 is consider very
good.
You should set a goal of keeping your credit score above 700
at all times, because excellent credit will lead you towards a
better life.
Copyright © 2005 Excellentcreditnow.com All Rights
Reserved
Carmen Shearer is the President and CEO of S&S Financial
Services. She has worked in the finance arena for over 10 years
and holds two engineering degrees and an MBA from a branch of
Harvard Business School. S&S Financial Services offers you
credit repair tools and information with a lifetime guarantee.
For more credit related information go to: http://www.excellentcreditnow.com
MORE RESOURCES:
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