A credit report provides lenders an overview of one’s credit eligibility and qualifications. It contains a detailed summary of previous and active credit transactions and payment history. A credit report is of vital significance if you desire to obtain credit, apply for a job, rent an apartment and in many other important situations. Lenders, employers, and landlords based their decisions to determine approval or disapproval on this report.
Looking at your credit report for the first time can be intimidating and confusing. However, it is always best to review your credit report, at least once a year, as it contains significant information about your financial actions. As you can see, reviewing your credit report is a good idea. You are are entitled to a free copy of your credit report once every 12 months. A copy of your report costs $10 plus any taxes, shipping and/or handling charges.
There are different types of information contained in your credit report:
Personal identifying information – This information includes your name, address (current and previous), social security number, telephone number, birth date, your current and previous employers; your spouse’s name may be included as well.
Credit history – This section includes your bill-paying history with banks, retail stores, finance companies, mortgage companies, and others who have given you credit. It includes information about each of your accounts – date it was opened, type of account, amount of the loan, payment schedule, etc. Closed accounts and/or loans that have been paid off are reflected in this section. Missed or late payments appear in your credit history as well.
Public records – Refer to readily available information that might indicate your credit worthiness, such as tax liens, court judgments and bankruptcies.
Report inquiries – This section includes a list of all credit granters who have received a copy of your credit report. It also includes any others who have been given authority to view it. Moreover, lists of companies that have received your name and address in order to give you “pre-approved” credit card offers. These companies do not actually see your report, but they manage to get your name if you meet their criteria for an offer of credit, insurance or other product.
Dispute statements – These are statements you’ve made (if any) disputing information on the report. Most credit bureaus allow both the consumer and the creditor to make statements for each one to report what happened should there be a dispute about something on the report.
For more great credit tips and news tune in to The Graceful Credit Show live every Sunday at 3:00pm EST on WCHB News Talk AM 1200.
GCS Credit Advisors are experts in Personal Credit Restoration, Business Credit Building, and Credit & Debt Counseling. GCS is committed to helping people obtain the credit needed to reach their financial goals through trusted methods that guarantee results.
In order for us to get a jump start in helping you reach your goals and better help service you visit GracefulCredit.com, click on Quick Quote, and schedule your free consultation today.
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