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Credit Reports
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A credit report is a historical record of your personal financial information which includes a listing of current and past debts and the timeliness of payments made. When you apply for a ">credit card, personal loan, car loan or mortgage most lenders will look at your credit report to evaluate your credit worthiness. In many cases, your credit score will determine the interest rate you will pay on your loan. If your report contains serious delinquencies you may not even be able to be approved.
There are four basic sections within a credit report:
1. Your personal information such as your name, social security number,
date of birth, drivers license number, address and telephone number;
2. Your credit history which contains a listing of all open and closed
credit lines including the original amount of the loan as well as the
current balance on the loan, the type of loan (credit card, department
store credit, mortgage etc.), the status of the loan whether it is active
or closed, and the timeliness of your payments;
3. A public records listing that includes any tax liens foreclosures,
bankruptcies or judgments filed;
4. A listing of inquiries made by potential lenders who pull your credit
report when considering to issue you a loan or credit card.
Who is keeping track of your credit?
There are numerous credit bureaus in the United States that track your
credit activity. The three main credit bureaus are Equifax, Trans Union
and Experian. There is a good chance that the information reported by
one credit bureau may not be the same as the information provided from
another bureau. This is because not all lenders report to same credit
bureau, some report to only one while other lenders may report to all
three of the major credit bureaus. It is highly recommended that you periodically
review your credit reports from all
three bureaus to make sure they are accurate and contain no errors.
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