Credit Report Secrets: Do You Know What They Reveal?

If you've ever applied for a credit card or loan, you've probably hadyour credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. Even if you're not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.

So whether you knew it or not, your credit report can have a major impact onyour quality of life. With this said I'm sure you can now see that there is abenefit to obtaining and then verifying that the information on your creditreport is accurate and true.

You can request copies of your report from the three major credit bureaus:Equifax, Experian, and TransUnion. A recent amendment to the federal Fair CreditReporting Act requires each of these national consumer-reporting companies toprovide you with a yearly free copy of your credit report upon your request.

Basically, your credit report is a summary of how you pay your bills; repayloans; how much credit you have available; what your monthly debts are; andother types of information that can help a prospective lender decide if you area good credit risk.

Your credit report is made up of several sections. The first section containspersonal identifying information such as your name, current and previousaddresses, social security number, telephone number, birth date, and yourcurrent and previous employers.

Your bill paying history with banks, retail stores, finance companies,mortgage companies, and others who have granted you credit is one of the mostimportant parts of your credit report. Public records that might indicate yourcredit worthiness, such as tax liens, court judgments, and bankruptcies are alsoincluded in the section detailing your credit history.

Your credit report includes a comprehensive listing of all credit grantersand other individuals who have received a copy of your credit report. Inaddition, lists of companies that have received your name and address in orderto offer you credit are also included in your credit report.

Most credit bureaus allow both the consumer and the creditor to makestatements if there is a dispute about something on the report. If applicable,your credit report will include these dispute statements.

Your credit report does not include bank account balances, race, religion,health, criminal records, driving records, or annual income. You've probablyheard about a FICO credit score as well. Credit scores are based on formulasthat use the information in your report, but they're not considered part ofyour credit report.

Problems with your credit report will result in you either being deniedcredit or receiving a higher interest rate. Red flags on your credit reportinclude excessive applications for additional credit, a short credit history, ahigh debt ratio, and late payments to previous creditors. In most cases,negative information will stay on your report for seven years. However,bankruptcy information stays on your credit report for ten years.

To help improve your credit report, always remember to close unused accounts,pay your bills on time, never use all of your available credit, and don'tapply for unnecessary credit.

If you would like to get more freecredit report information you can visit our website which contains many creditreport resources. http://www.my-credit-report.info

This article is copyright 2005, but can be freely reprinted, as long as nochanges are made, including hyperlinks.

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Credit Information:

Related Articles

Easing Your Financial Burdens With Credit Counseling
It is a well-publicized fact that more of us are getting ourselves into greater debt, and this may be true for you. The embarrassment of your financial situation can mean you are unlikely to seek credit counselling or other credit management solutions.
New Credit Scoring Model Could Help Millions
Mark and Beth, a young married couple in their twenties, established a goal to buy a home within the first three years of their marriage before starting a family. They budgeted and used their money wisely in order to save for the down payment.
Your Credit Card May Be Costing More Than You Think!
Do you know what your credit card is truly costing you? Manypeople assume that they do, but aren't familiar with thehidden fees that many credit card companies are charging. Infact, if you don't keep close tabs on your credit card, youmay end up paying hundreds of extra dollars per year-withoutever really knowing it!And if you're trying to budget your money, those hidden feescan add up!Let's take a look at some of the most common credit cardfees, and then talk about how you can avoid them.
Applying for Credit Cards Online
In the olden days, about 10 years ago, before the internet, consumers would have to fill in applications for credit cards, loans, mortgages and so on by hand. It's hard to believe now, but this lengthy process was the norm, with requests for extra documentation and references going backwards and forwards, until finally the application was accepted or rejected.
Dont Trade Your Future for Todays DooDads
"Easy Low Down Monthly Payment," "Buy Now Pay Later," "You Deserve the Car Today and We Can Finance It for You," & "Spend Today, 0% APR until Next Year!" We see those statements above every where today, on TV commercials, car dealership, banks and magazines. Those statements have put a lot of people into a financial disaster, because the statements make a lot of people believe that acquiring bad debts is an ok thing to do.
Avoiding Credit Card Traps
The next time you open your credit card statement, take a closer look at the small insert titled "changes to your credit card agreement". You know the one I'm speaking about.
Balance Transfers Can Help You Stop Putting Money Down The Drain!
As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed.
How Businesss Mess Up Their Credit Policies
In "Become the Squeaky Wheel" a book recently published, Michelle Dunn demonstrates the major areas a business should focus on to ensure a satisfactory customer experience.One mistake business owners make is not having a credit policy in place when they open their business.
Your Credit Rating and How To Check It
There is a lot of confusion surrounding UK credit ratings, credit scores, credit blacklists, credit reports, and credit files. This guide to your credit rating aims to give you the facts you need.
Credit Card Expenses Are Killing Your Budget!
Do you know the costs associated with your credit card? Do your really know? Many people assume they do but aren't aware of the hidden fees that many credit card companies are charging you month after month. In fact, if you don't keep a close eye on your credit card, you may end up paying hundreds of extra dollars per year-without ever knowing it! And if you're trying to budget your money, those hidden fees can add up!Let's take a look at some of the most common credit card fees, and then talk about how you can avoid them.
Consumer Credit Reports
A consumer credit report is a factual record of an individual's credit payment history. It is provided for a purpose permitted by law: to help a credit grantor or lender quickly and objectively decide whether to grant you credit.
When You Are Eligible For A Free Credit Report
By Federal law, you are entitled to one free credit report per year directly from a credit-reporting agency only if you certify that:1. You are unemployed and seeking employment in the next 60 days.
Looking for that Low interest Credit Card?
If you have been shopping around for a Low Interest Credit Card you will notice that the UK market is awash with Credit Card companies offering low rates to entice you to apply for their Cards.There has never been a better time to consolidate your credit cards and get a far better interest rate.
What Are the Most Common Ways to Commit Identity Theft or Fraud?
It's the number one source of consumer complaints at the Federal Trade Commission (FTC), and unfortunately, it's one of the simplest crimes to commit. Identity theft involves information from your daily life, from shopping, bill-paying, and even applying for a job.
Credit Cards For People With Bad Credit Scores
Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it.
Is it Safe to Use Online Car Finance?
Online car finance is convenient. You can apply over the net and shop around for a good deal from the comfort of your home.
Choosing A New Credit Card
1. Choosing A new credit cardThere are many reasons for choosing a new credit card.
How To Eliminate Credit Card Debt
There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons.
Credit Cards or Store Cards - Which Is Better?
Introduction In this article, a presentation is made of the differences between major credit cards and credit cards offered by specific stores to their customers. The purpose of this article is to provide a general overview of major credit cards and store cards to aid consumers in making decisions regarding which lines of credit lines would be the best for them in a given set of circumstances.
Fixing A Credit Report
Fixing a credit report starts with seeing what's on it. You may get access for free online.