Credit Reports

In today’s society, much of what we do, obtain, and maintain depend directly upon credit reports. The information contained within this very personal file has a direct impact on your life. For example, are you trying to buy a home? Are you looking to buy a new car? Do you need a loan for any reason? Are you applying for a credit card? For every one of these, the potential lender looks into credit reports to decide rather to extend this credit.

It does not stop there. If you are trying to get a new job, a new home to rent, or even get satellite cable service, what is contained on the credit reports will directly effect your ability to do any of these things. Credit reports contained a number of identifying clues as to your financial health, stability, and your record of paying your bills.

If you have ever defaulted on a loan, that information is contained within the report. If you have ever been sued by any person such as creditor or landlord, that is also within the report. The number of times you have moved, all your addresses of any home you have ever lived, if you have failed to make timely payments on credit cards or loans, and every loan you have ever had, is listed right on the credit reports.

The best way to understand how credit reports are affecting your life is to obtain a copy from each of the three major credit reporting bureaus. The three credit bureaus are Experian, Equifax, and TransUnion. According to the new laws in the United States, once each year you can obtain and request a free copy of your credit reports from each of the three agencies.

Obtaining and reviewing your credit reports is the best way to combat any errors, understand where your credit stands, and take steps to improve your standings if necessary. Without knowing the information contained on these reports, you will have no way of knowing what potential creditors see when they are making the decision rather or not to extend you any form of credit.

To request a free copy of your credit rating, you need to mail a written request to the company of your choice. You can do this for each of the three bureaus. You will need to include proof of identity. For example, you may be asked to provide a list of the addresses you have lived within the last three to five years. You may also be asked for photo identification, telephone numbers, and employers as well. This is done to ensure that your credit report is going directly to you and not to someone who has no business with your file.

The key to credit in today’s society is definitely credit reports, so get a free copy of yours today, by writing to the individual credit reporting agencies, and gain a better understanding of how your report looks. If necessary, this will allow you to work on raising your credit score, improving your credit reports, and leading a more financially stable life. 

Check the Credit Reports in your name first, if you are about to buy or lease a car, apply for a mortgage, credit card, or loan ?

They may contain wrong information. Also, they will provide you with your credit score (FICO score).

Knowing what range you are in will tell you if you will likely be approved for a loan, mortgage, or other credit.

All Creditors, whether they are approving a credit card, a loan, or the refinancing of your mortage for you, will all check the credit reports in your name first. Review and correct any wrong information to ensure you get the credit and lowest interest rates you deserve !

Denied credit ?  Repair Your Credit

Fraud - is someone else using your identity and applying for credit in your name ? Hopefully not, but don't assume anything ... it does occur. Make sure this does not happen to you.  

Credit Reports are a factual record of your payment history and other credit-related items that lenders use to help determine whether to grant you credit.

Your file will include :

-Your full name

-Social Security number

-Telephone number

-Current address

-Employment history

-Marriages

-Divorces

-Lawsuits

-Liens

-Bankruptcy information

-Your credit history

-And ...

It lists the names of your creditors, type of account, when it was opened, your payment history for the last 2 to 3 years, your credit limit and current balance. It will also state who is paying the account - you, a collection agency, or another payor like a Consumer Credit Counselling Service.

If you are disputing a charge, this will likely appear in your report. Also, it will include the names of people or companies that have requested your file within the last six months (two years if the information was given to an employer or potential employer).

Credit Bureaus

The information on your financial files are compiled by the three Credit Bureaus, namely; Equifax, Experian, and Trans Union. They regularly receive data on whether you make payments on time and how much you owe. Since creditors are constantly reporting new information to them, your credit report is always changing.

You are entitled to get a copy of your file free if you have been denied credit from the bureau that reported the information. It's a good idea to check your credit status from time to time anyway, to ensure it is accurate. If you've been denied credit, you must apply for your file within 60 days of the denial.  

Stop Living with Bad Credit - It is very important for you to find out what your credit (FICO) score is and what is contained in your credit reports. Your financial success depends on it!  

More Information ...

Credit Scoring - Find out what you need to know.