Credit Report Contents
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.
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.
There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.
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.
In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
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 unprecedented challenges in the credit markets its more crucial than ever to have excellent credit. For more information visit Rob Kosbergs’ Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Credit Score Repair for your FREE information. You may also visit Increase Credit Score for a Guide on Raising your Credit Score.
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