Who does my credit report?

A company called a credit reporting company collects your information. There are three major credit reporting companies :

TransUnion
Equifax
Experian

These companies write and maintain the credit reports that contain your credit score and credit history.

Why having a good credit report will help in many ways:

Each credit report contains all your payment history and personal information about jobs, lawsuits, bankruptcies or arrests. It is important that is current and contains no errors, since different companies may ask for employment or where banks and other financial institutions where they could get a loan to buy a car or home, use it.

Make sure that one of the three credit reporting agencies (TransUnion, Equifax, and Experian) to be sent to you for free, you do not have incorrect information or errors that may damage the rating of its financial solvency and creditworthiness.

WHAT IS A CREDIT HISTORY?
Sometimes people talk about your credit. Refer to your credit history. Your credit history describes how to use your money:

How many credit cards do you have?
How many loans do you have?
Do you pay your bills on time?

If you have a credit card or a loan from a bank loan, you have a credit history. Companies collect information about their loans and credit cards.

The companies also collect information about how you pay your bills. They put all this information in one place: your credit report.

WHAT’S A CREDIT REPORT?
Your credit report is a summary of your credit history. There are listed below:
Your name, address and Social Security number.
Your credit cards.
Their loans.
How much money should.
If you pay your bills on time or if paid late.

WHY HAVE A CREDIT REPORT?
Before lending money, businesses want to know some things about you. You would lend money to someone who pays the bills on time? And someone who always paid late?

Businesses check their credit report to know a few things about you. Decide whether to lend you money or give you a credit card. Sometimes employers check your credit report when you apply for a job. The cell phone companies and insurance companies also check your credit report.

WHO DOES MY CREDIT REPORT?
A company called credit reporting company collects your information. There are three major credit reporting companies:

TransUnion
Equifax
Experian

These companies prepare and maintain your report.

CAN I SEE MY CREDIT REPORT?
You can get a free copy of your credit report every year. This means you can receive a copy of each of the three companies that write their reports.

The law says that you can get your free credit reports in one of three companies:

WHAT IS A CREDIT SCORE?
A credit score is a number. That number is based on your credit history. But it will not be given along with your free credit report, unless you pay separately.

A higher credit score means you have good credit. A low credit score means you have bad credit. Each company has different scores. Low scores are around 300 High scores are between 700 and 850.

DO I NEED TO KNOW MY CREDIT SCORE?
It is very important to know the information in your credit report. But a credit score is a number that corresponds to the information in your credit history. If you know you have a good track record, have a good score. You can get your free credit report.

Find out your credit score have to pay. Sometimes, a company may say that the score is free. But if you look closely, you may discover that what service to join a credit check for you. These services charge you every month.

Before paying, ask yourself if you need to see your credit score. It could be interesting. But is it worth paying to see it?

WHAT IF I HAVE NO CREDIT?
You might not have a credit history if:

You’ve never had a credit card.
You never obtained a loan at a bank or credit union.

Without a credit history, it may be harder to get a job, an apartment or even a credit card. It sounds crazy: You need credit to get credit.

HOW DO I ESTABLISH CREDIT?
You will need to pay the kind of bills that are included in a credit report.

Sometimes utilities have information on a credit report. Do you have any utility bill in your name? This can help you establish credit.

Many credit cards have information on credit reports. Sometimes, you can get a credit card from a store that also can help you establish credit.