What Is A Credit Report
Ever wondered what is a credit report? If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file is known as your credit report. It is full of information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy.
Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it. They use the information to evaluate your applications for credit, insurance, employment, or a lease.
Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments.
Nevertheless, newspapers and the Internet are filled with ads for companies and services that promise to erase accurate negative information in your credit report in exchange for a fee. The scam artists who run these ads not only don't deliver - they can't deliver. Only time and a plan to repay your bills will improve your credit as it's detailed in your credit report.
Here are details of the type of information that is collected and added to your credit report:
Identification and employment information:
Your name, date of birth, national insurance number, employer, and spouse's name are noted routinely. The consumer reporting company also may provide information about your employment history, home ownership, income, and previous address, if a creditor asks.
Payment history:
Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as the referral of an overdue account to a collection agency, also may be noted.
Inquiries:
Consumer reporting companies must maintain a record of all creditors who have asked for your credit history within the past year, and a record of individuals or businesses that have asked for your credit history for employment purposes for the past two years.
Public record information:
Events that are a matter of public record, such as bankruptcies may appear in your report.
About the Author: John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
Source: http://www.isnare.com
Ford Reports $1.2 Billion Loss in 1Q (ABC News)
Ford Motor Reports $1.2 Billion Loss in 1st Quarter As Company Begins Restructuring
Read More ...
Ford Reports $1.2 Billion Loss in 1Q (ABC News)
Ford Motor Reports $1.2 Billion Loss in First Quarter As Company Begins Restructuring
Read More ...
Working Through the Concept of Micro-Finance (NPR)
This week, a group of bankers and MBA students assemble to talk about micro-financing. The group tries to imagine what life would be like without insurance, credit cards and bank accounts, a common situation in developing countries. Rachel Myrow of member station KPCC reports.
Read More ...
Learn What Credit Stalkers Know About You (Youngstown Daily Business Journal)
Apr 21, 2006 7:02 a.m. CHARLOTTESVILLE, Va. -- Do you dread the sight of credit card bills? Maybe now's a good time to check your credit history. What you don’t know may kill your opportunities for future borrowing.
Read More ...
Open Solutions adds Maryland credit union as customer (BizJournals)
Glastonbury, Conn.'s Open Solutions Inc. reports its software has been chosen by one of the largest credit unions in Maryland.
Read More ...