Credit Report Secrets: Do You Know What They Reveal?
If you've ever applied for a credit card or loan, you've probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. Even if you're not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.
So whether you knew it or not, your credit report can have a major impact on your quality of life. With this said I'm sure you can now see that there is a benefit to obtaining and then verifying that the information on your credit report is accurate and true.
You can request copies of your report from the three major credit bureaus: Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit Reporting Act requires each of these national consumer-reporting companies to provide you with a yearly free copy of your credit report upon your request.
Basically, your credit report is a summary of how you pay your bills; repay loans; how much credit you have available; what your monthly debts are; and other types of information that can help a prospective lender decide if you are a good credit risk.
Your credit report is made up of several sections. The first section contains personal identifying information such as your name, current and previous addresses, social security number, telephone number, birth date, and your current and previous employers.
Your bill paying history with banks, retail stores, finance companies, mortgage companies, and others who have granted you credit is one of the most important parts of your credit report. Public records that might indicate your credit worthiness, such as tax liens, court judgments, and bankruptcies are also included in the section detailing your credit history.
Your credit report includes a comprehensive listing of all credit granters and other individuals who have received a copy of your credit report. In addition, lists of companies that have received your name and address in order to offer you credit are also included in your credit report.
Most credit bureaus allow both the consumer and the creditor to make statements if there is a dispute about something on the report. If applicable, your credit report will include these dispute statements.
Your credit report does not include bank account balances, race, religion, health, criminal records, driving records, or annual income. You've probably heard about a FICO credit score as well. Credit scores are based on formulas that use the information in your report, but they're not considered part of your credit report.
Problems with your credit report will result in you either being denied credit or receiving a higher interest rate. Red flags on your credit report include excessive applications for additional credit, a short credit history, a high debt ratio, and late payments to previous creditors. In most cases, negative information will stay on your report for seven years. However, bankruptcy information stays on your credit report for ten years.
To help improve your credit report, always remember to close unused accounts, pay your bills on time, never use all of your available credit, and don't apply for unnecessary credit.
If you would like to get more free credit report information you can visit our website which contains many credit report resources. http://www.my-credit-report.info
This article is copyright 2005, but can be freely reprinted, as long as no changes are made, including hyperlinks.
MORE RESOURCES:
 Earthtimes (press release) | US Consumer Credit Increases $14.3 Billion in June (Update2) Bloomberg - Consumer credit rose by $14.3 billion, the most since November, to $2.59 trillion, the Federal Reserve said today in Washington. In May, credit rose by $8.1 ... Consumer credit rose $14.33 bln in June US consumer credit rose at double the pace forecast in June Consumers release their credit cards from musty wallets |
Credit Crunch Videos Sky News, UK - Equity, bond, and money markets were reluctant to accept that this was going to be a global banking problem, leading to a massive credit crisis. ... Credit crunch and banks: from the Rock to a hard place Many happy returns, credit crunch Credit crunch: Around the world |
 CTV.ca | US Government charges 11 in massive credit card fraud case Heise Online, Germany - The US government has charged 11 people with stealing tens of millions of credit and debit card details as part of an operation that targeted numerous ... Video: Feds Charge 11 in Massive Retail Hacking Case Biggest Ever Credit Card Scam In US US authorities charge 11 with global credit data theft |
 Washington Post | Here comes the credit crackdown Independent, UK - One year into the credit crisis, regulators are hard at work on new laws they hope will prevent history repeating itself. Leading investment banks fear a ... Industry group to address credit risk Panel Calls for New Risk Standards Banking Group Proposes Wide Range of Reforms |
The End of Credit Card Consumerism U.S. News & World Report, DC - For more than four decades, our shopaholic nation has shown an insatiable desire to spend until our credit cards melt. And throughout this era, ... |
 Reuters | Fannie Mae expects smaller credit losses in 2009 Reuters - N: Quote, Profile, Research, Stock Buzz) will continue to see high credit losses in 2009 but such losses should be lower than this year, the company chief ... Credit Suisse auction-rate debt suit may start frenzy Credit crunch cripples European insurers' profits Credit crunch cripples European insurers' profits |
Credit Suisse Sued Over Auction-Rate Securities (Update3) Bloomberg - 7 (Bloomberg) -- Credit Suisse Group, Switzerland's second-biggest bank, was sued by Swiss semiconductor company STMicroelectronics NV for allegedly placing ... STMicro sues Credit Suisse over auction-rate debt Credit Suisse sued by semiconductor firm Credit Suisse sued over 'auction' debt |
 Aljazeera.net | Credit expenses lead to $2.3 billion loss for Fannie MarketWatch - The company reported credit-related expenses of $5.3 billion in the quarter, which more than offset revenue of $4 billion. Fannie Mae also took a charge of ... Fannie Mae posts $2.3 billion loss as credit costs rise Fannie: Sun will come out tomorrow Fannie Mae Posts Fourth Straight Loss, Cuts Dividend (Update2) |
Settling the credit score CNNMoney.com - Having a good credit rating is more important now than ever, but determining exactly what yours is gets complicated. By Jessica Dickler, CNNMoney.com staff ... The FICO Score- Unregulated Discrimination? |
 iBerkshires.com | US June consumer credit rises by $14.3 bln, 6.7 pct annual growth rate Forbes, NY - Total consumer credit expanded $14.3 bln after an upwardly-revised $8.1 bln expansion in May. June's increase was well above the $6.4 bln of additional ... Consumer credit jumps at fastest rate in 7 months Consumer Credit Surges 6.7 Percent in June Credit-card Companies Making It Harder To Say 'charge It' |
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