What is in a Credit Report?
Advertisements
All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied credit and realize that we must repair poor 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 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.
Credit reporting agencies also receive information from the court system. This section will have a listing of bankruptcies, liens, judgments, divorce.
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.
It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.
It is highly recommended that we obtain and seriously review our credit reports to be aware of differences on each report, locate any and all errors. It is up to each individual to monitor his/her own credit profile, fix errors, and repair personal credit.
With never before seen challenges in the credit markets its more crucial than ever to have excellent credit. For more information check out Rob Kosbergs’ Complete no cost Report on Maintaining and Repairing your Credit Score by going to credit score repair for your no cost information. You may also visit Increase credit score for a Report on Raising your Credit Score.
Related posts: