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What is a Credit Report?
Ever wondered what is a credit report? If you've ever applied
for a credit card, a personal loan, or insurance, there's a file
about you. This file is known as your credit report. It is full
of information on where you live, how you pay your bills, and
whether you've been sued, arrested, or filed for bankruptcy.
Consumer reporting companies sell the information in your
report to creditors, insurers, employers, and other businesses
with a legitimate need for it. They use the information to
evaluate your applications for credit, insurance, employment, or
a lease.
Having a good credit report means it will be easier for you to
get loans and lower interest rates. Lower interest rates usually
translate into smaller monthly payments.
Nevertheless, newspapers and the Internet are filled with ads
for companies and services that promise to erase accurate
negative information in your credit report in exchange for a fee.
The scam artists who run these ads not only don't deliver - they
can't deliver. Only time and a plan to repay your bills will
improve your credit as it's detailed in your credit report.
Here are details of the type of information that is collected
and added to your credit report:
Identification and employment information:
Your name, date of birth, national insurance number, employer,
and spouse's name are noted routinely. The consumer reporting
company also may provide information about your employment
history, home ownership, income, and previous address, if a
creditor asks.
Payment history:
Your accounts with different creditors are listed, showing how
much credit has been extended and whether you've paid on time.
Related events, such as the referral of an overdue account to a
collection agency, also may be noted.
Inquiries:
Consumer reporting companies must maintain a record of all
creditors who have asked for your credit history within the past
year, and a record of individuals or businesses that have asked
for your credit history for employment purposes for the past two
years.
Public record information:
Events that are a matter of public record, such as
bankruptcies may appear in your report.
You may freely reprint this article provided the author's
biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the http://www.directonlineloans.co.uk
website.
MORE RESOURCES:
MORE COLLEGE CREDITChicago Sun-Times, United States - 11 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Credit Report Need Fixing? Take Action YourselfHartford Courant, United States - 9 hours agoMike Ferrara wants to buy a house in a few months and is worried that mistakes on his credit report will keep him from obtaining the loan he will need. ... |
Ask, and you might receive a lower credit-card rateSeattle Times, United States - 16 minutes agoPick up the phone, look at the latest credit-card offers and keep repeating this: The bank needs me more than I need it. By Susan Tompor Pick up the phone, ... |
Credit - Google News
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