What Is a Credit Report? A credit report is like a report card on how you manage your finances. It is a historical record of how and when you pay your bills, how much debt you have, and how long you have been managing credit accounts. Your credit report lists things like accounts that you have not paid and have been turned over to a collections company, if you have filed for bankruptcy or if you have had a car repossessed. Companies use information on credit reports to make decisions about granting credit, to verify identities, and other purposes defined by federal law. Your personal credit report contains details about your financial behaviour and identification information. Credit Reporting companies collect and organize data about your credit history from you, from financial institutions and other companies that you do business with. Courts, collection agencies, and state and local governments also contribute information. They make your credit report available to current and prospective creditors, employers and others as permitted by law, which may speed up your ability to get credit. Getting a copy of your credit report makes it easy for you to understand what lenders see when they check your credit history. Speak to us now What’s In a Credit Report? Credit report is generally divided into four sections: Personal Information: Your name, address, employers. Accounts: Credit cards, mortgage loans, auto loans, collections and all other credit accounts. Inquiries: Records of the names of companies and the dates your credit report was pulled for a credit application. Inquires will stay on your Experian report for 25 months. Public Records: Information about bankruptcies, tax liens and civil judgements. When Should You Get a Credit Report? Get your credit report two to three months before a large purchase, such as a home, a car or college financing. Review it carefully to make sure that you recognize all the accounts listed and agree with the information displayed. If there is anything on your credit report that you believe is inaccurate, you can initiate a dispute. Click Here For Obligation Free Assessment
