Your Credit Report - What It Says About You
Whether you know it or not, lenders, merchants, and credit bureaus trade information about you on a regular basis. They know where your shop and how much money you spend, whether or not your pay your bills on time or have in the past, how many credit cards your own, and if pay their balances in full on a regular basics. All your credit status is stated in a printed document called credit report. A credit report is a record of your credit activities. It lists any credit-card accounts or loans you may have, the balances, and how regularly you make your payments. It also shows if any action has been taken against you because of unpaid bills.
How Your Credit Record Gets Started?
When you apply for your first credit from any lender, you credit activities get started. The lender processing your application would provide the information from your application, these information include: Security number, name, and address to credit bureau and would as for your record (if any). If you have no record, the credit bureau would start one for you.
What Are Credit Bureaus?
Credit bureaus, commonly know as credit reporting agencies, are simply in the information trading business. They collect your information without bios from lenders, then turn around and sell reports back to lenders from a fee. A lender will often have a preferential relationship with a certain report. Credit bureaus typically acquire information from major lenders that issue credit cards, such as return stores and banks, and from travel and entertainment card issuers, such as American Express and Diners Club. Credit bureaus also record car loans, airline credit cards and any liens or legal actions pending against you.
Though many local credit bureaus exist, the industry consists of three major players: Equifax (1-800-685-1111) at www.equifax.com, Experian (1-888-397-3742) at www.experian.com and Trans Union (1-800-888-4213) at www.transunion.com . Each bureau uses its own form to report your credit status. All three of these reports share the following elements:
- Basic identifying information, such as your name, address, date of birth, Social Security number, and spouse’s name.
- Your credit history, including companies that have loaned you money in the pass, along with the account numbers, size of your credit lines, dates the lines were opened and dates of last used the credit lines, line repayment terms, amounts your presently owe, status of your payments and number of months your payments are past due, if applicable.
- Collection agencies that have been assigned to collect overdue debts, including the original creditor’s name, which collection agency oversaw which account, the amount it tried to collect, and whether you paid.
- Courthouse records obtained from federal, state, or local courts, showing liens, bankruptcy filings, auto repossessions, or other judgments.
- Additional information about your history, such as former employees and addresses.
- Listing of inquiries made by potential credit grantors.
How to Get a Copy of Your Credit Report
According to the rule of the Fair Credit Reporting Act, you have the right to know what are in your credit report and to challenge the information you think is wrong. If you are turned down in any of credit application, you are entitled for a free copy of your report from the bureau mentioned the denied letter you receive from the lender. In order to claim your free credit report, you need to contact that bureau by mail within 30 days of being notified for the free copy.
You also can obtain a copy of your credit report at any time even you are not applying for a credit. You usually need to pay some minor fee for the report.
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