Why do I have a credit report?
A credit report is an overview of your financial transactions, such as loans and credit card accounts. Besides including basic personal information, such as your name and address, there are three types of information in the credit report:
Accounts: The accounts cover the credit cards, cards issued by stores, real estate loans, instalment loans and receivables. This information comes to credit bureaus by creditors.
Checks: A check occurs when a creditor checks his credit, probably in response to a loan or credit application you submitted. Verifications remain on your report for about two years. A credit report with many checks is a red flag to lenders and may lead them to think that you are trying to open more accounts than they can handle.
Public Records: Information provided by local, state or federal government agencies on legal matters related to his name. The most common public records are bankruptcies, liens for taxes owed, court records state or county and monetary judgements.
Before lending money , businesses want to know some things about you . You would lend money to someone who pays the bills on time ? Or someone who always paid late ?
Businesses check your credit report to know a few things about you . They 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.
A credit report is one of the easiest ways to track your financial history. The report lists each creditor you owe money, your payment history and delinquent accounts. Other creditors and employers use credit reports to make decisions on the issuance of new credit or hire to work for their company. Credit reports give you multiple ways to view your personal credit history. Instantly you can compare the information changes and monitor your credit score.
Credit reports offer many consumers a way to monitor their credit status. Knowing the status of your current credit can help you find the best deals when buying homes, cars and other major purchases. Credit reports let you see any information on past or present creditors. It also lets you know what companies or employers are prying into your credit history. Every time someone accesses your credit report, reporting companies show the details.
Check your credit report for inaccurate information. With free credit reports online, each creditor listed for you to view. The contact information, amount owed and payment history is displayed in a readable format. Having regular access to your credit report also helps prevent other personal or financial information from being misused.
Use the credit reports online for free to fix the incorrect information in your credit history. Incorrect information may have a negative effect on your credit history. With a credit report online, you have instant access to a list of companies or employers who request your credit report. Calculate the total amount owed to creditors the past and the present by analyzing your credit report.
One of the biggest mistakes you can make when it comes to your credit history is not tracking your score. Identity thieves constantly steal valuable personal and financial information from unsuspecting victims. Take time to review your credit report at least once a year. It is your responsibility to save yourself from an unwanted situation because of an incorrect credit situation. It only takes minutes to access your credit report.
Make a list of all your creditors the past and present. Compare it to your credit report. If there are accounts you do not recognize, take the time to locate the contact details of these companies. Browse through all your past and present bills to compare some of the details. Occasionally, unknown accounts in your credit report are the result of changes in company name. After comparing the information, if it still does not look familiar search for the contact details of companies and call to rectify.