Credit Reports can be a Teaching Tool
Your credit report is an education for you in your financial history. It is the basis of any decision a lender might make regarding giving or refusing credit to you. It is a smart move to arrange to see your credit report.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.
Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.
In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.
Any time that you fill out a credit application ( credit card, loan ) there will be a credit inquiry to one of the bureaus. If you inquire for yourself, it will be on the report. These inquiries will remain for 2 years.
If the information on your credit report is positive, this is to your benefit. If the report has negatives, this information will remain for 7 years. A bankruptcy remains for 10 years.
It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.
Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.
In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.
Any time that you fill out a credit application ( credit card, loan ) there will be a credit inquiry to one of the bureaus. If you inquire for yourself, it will be on the report. These inquiries will remain for 2 years.
If the information on your credit report is positive, this is to your benefit. If the report has negatives, this information will remain for 7 years. A bankruptcy remains for 10 years.
It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.
About the Author:
With unprecedented problems 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
1:33 PM
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