What is in a Credit Report?
If you have recently been denied credit or plan to apply for credit soon, it would be wise to obtain your credit report. You know that it is a document that is the foundation of a decision on whether you will receive credit.
We can obtain copies of our credit report for free, on an annual basis, from the three major credit reporting agencies: Experian, TransUnion, and Equifax. Go to annualcreditreport.com to obtain these copies. Please request reports from all 3 agencies because they may differ.
The reports will all contain a section with the usual identifying information such as name, address, social security number, etc. The reports will not have information about you personally such as race, assets, salary.
Lines of credit will be included such as balances, monthly payments, and credit limits. This section addresses credit cards, department store credit cards, mortgages, automobile loans, department store cards, gas cards. This will also cite dates accounts were opened, payment history (with late payments), unpaid child support, and overdrawn bank accounts.
The court system also provides information to credit reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.
Any time you apply for a loan or credit card there will be an inquiry made to a credit reporting agency. Your credit report will include not only these inquiries but inquiries by you. Credit inquiries remain for 2 years.
There is no problem if your credit report is positive. However, any true negative comments will stay on the report for 7 years. Bankruptcies stay on for 10 years.
Request those credit reports from all 3 agencies. Compare the reports, be aware of discrepancies and fix errors. We have a personal responsibility to monitor our own credit profile, fix mistakes and, if needed, repair our credit.
We can obtain copies of our credit report for free, on an annual basis, from the three major credit reporting agencies: Experian, TransUnion, and Equifax. Go to annualcreditreport.com to obtain these copies. Please request reports from all 3 agencies because they may differ.
The reports will all contain a section with the usual identifying information such as name, address, social security number, etc. The reports will not have information about you personally such as race, assets, salary.
Lines of credit will be included such as balances, monthly payments, and credit limits. This section addresses credit cards, department store credit cards, mortgages, automobile loans, department store cards, gas cards. This will also cite dates accounts were opened, payment history (with late payments), unpaid child support, and overdrawn bank accounts.
The court system also provides information to credit reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.
Any time you apply for a loan or credit card there will be an inquiry made to a credit reporting agency. Your credit report will include not only these inquiries but inquiries by you. Credit inquiries remain for 2 years.
There is no problem if your credit report is positive. However, any true negative comments will stay on the report for 7 years. Bankruptcies stay on for 10 years.
Request those credit reports from all 3 agencies. Compare the reports, be aware of discrepancies and fix errors. We have a personal responsibility to monitor our own credit profile, fix mistakes and, if needed, repair our credit.
About the Author:
With never before seen challenges in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
posted by Debt Consolidation Loan at
3:23 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home