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What Is In Your Credit Report And What It Means To You |
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If you have applied for a home loan, car loan, or a credit card,
you have had your credit report reviewed by a lender. The
information in your credit report has a major impact on your
ability to get a loan and your credit-worthiness in general. It
is not unusual for a potential employer or landlord to look at
your credit report.
Your credit report affects many areas of your life and it is
important that you know what is contained within it. You can
request a copy of your credit report through one or all of the
major credit bureaus: TransUnion, Equifax, and Experian. You are
entitled to one free report per year from each of these.
Your credit report is basically a summary of your bill payment
history, how much |
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credit you have available to you, and a
listing of your monthly debts. Your credit report also contains
personal information such as your address, employment history,
and your Social Security number.
Any credit accounts you have ever opened such as store credit
cards, car loans, mortgage loans, and any other lenders who have
granted you credit in the past will be listed and your history
in repaying these loans as well. You will also find public
records in your credit report such as tax liens, judgments, and
bankruptcies.
Problems with your credit report such as late payments, loan
defaults, and excessive applications for new credit will lower
your credit score and affect your ability to get credit in |
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