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Making Sense of the Information in Your Credit Report
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.
Copyright (c)2005 by Michael Ambrosio. You may publish this
article on your site or in your newsletter provided this resource
box remains in tact. Michael Ambrosio is the author of many
credit related articles. Visit his website today: http://www.yourcreditandyou.com
and rebuild your credit.
MORE RESOURCES:
Credit - Google News
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