 |
All About Your Credit Report
by Martin Lukac |
 |
|
|
|
Your credit report is information about you which is used by
lending agencies in their determination as to whether or not to extend
you more credit. Your credit report will including personal
information, employment information, and credit information. There are
three credit report agencies which regularly gather information and
update their reports. Due to discrepancies in collection and
reporting, the three credit report agencies may have slightly
different information about you. Regular monitoring of your credit
report is important in maintaining good credit.
Inside the credit report
Your credit report contains information about you as a person, you
as an employee and you as a borrower. The personal information on your
credit report is gathered from your previous credit applications. This
credit report information includes your full name, mailing and
residential addresses, social security number, and birth date.
Information on your employment history, earning status and current
employer will also be in the credit report.
|
|
Perhaps more important than this basic
information is the information in the credit report which
describes you as a borrower. Any financial problems which are of
public record, including any bankruptcy filing, home
foreclosures, automobile repossessions and court judgments
against you which deal with finances are all potential for
inclusion in the credit report.
The credit report will also
show your history of credit applications and inquiries. Frequent
applications are considered negative by most lenders.
|
Credit report agencies
There are three major credit report agencies: Experian, Equifax and
TransUnion. When a lender receives a loan application from you, the
lender will obtain your credit report from one of these three
agencies. The three agencies usually have the same information about
you; however, discrepancies in information gathering and reporting may
lead to slight differences in the information in each credit report.
Monitor your credit report
Your credit report is the major factor used in determining whether
or not you qualify for a credit card or loan. For this reason, it is
important to regularly monitor your credit report, checking for errors
including delays in clearing problems. For example, if you have paid
off a loan which shows as outstanding on the credit report, you should
contact the credit report agency and repair the report to reflect your
better credit.
Everyone is entitled to receive one free credit report each year
from each of the three agencies, available on request to the credit
report agency. Any time that you are denied for a loan application,
you are also entitled to a free credit report.
Checking the credit report can improve your credibility as a
borrower and increase the likelihood of being able to borrow when you
need to do so.
About the Author
Martin Lukac, represents http://www.RateEmpire.com, a finance
web-company specializing in real estate/mortgage market. We specialize
in daily updates, rate predictions, mortgage rates and more. Find low
home loan mortgage interest rates from hundreds of mortgage companies!
Visit http://www.RateEmpire.com today.
Article Source:
GoArticles.com
More Articles
|
| |
|
|
|
|
