With the hustle and bustle of everyday life, consumers normally don't think about what is reported on their credit reports. Whether they feel they already know the contents of their credit report, or just tuck this little "chore" into the back of their mind for later, or if they are even scared to check, the average consumer does not know his or her credit score and what information is included on his or her credit history.
In the event you do not know, the details of a person's financial standing are outlined on his or her credit report. Items reported on your credit history include your diligence in paying your bills on time and your credit borrowing history, such as the purchase of a new car or home or applying for a credit card. Items such as the approval or denial of a credit card are even reported on your credit report.
Whenever you attempt to obtain credit, for whatever reason, the company will obtain a copy of your credit history. Even this request for a copy of your credit report will be noted on your credit history! After a review of your credit report, the company will determine if it feels you are a "good" credit risk. If so, the chances are good that your application for credit will be approved. In not, not only will you be denied for credit, but the request for credit will be noted on your credit report and will decrease your credit rating further.
Knowledge of what is contained on your credit report cannot be stressed enough. It is extremely important that you review, understand, and KNOW what is listed on your credit report.
Obtaining a copy of your credit history is really quite simple. There are companies all over the internet who offer free copies of credit reports. Another way is to contact the three major credit reporting companies, also known as credit reporting bureaus - Experian, Equifax, and TransUnion - to request a copy of your credit report. Each of these companies is legally required to provide you with a copy of your credit history each year, upon your request.
Sit down and review your credit reports once they arrive. You will need to be on the alert for any inaccurate information. Be sure to check current and past addresses, employment history, and payment information. If you previously had accounts which were past due, but subsequently brought back up-to-date, be sure that this is reflected on your credit report.
If your credit report contains any inaccurate or false entries, these can be corrected. A letter, along with any confirming documentation, should be sent to the credit reporting agency. Your letter should explain the purpose of the letter and what you are requesting. The confirming documentation should be enough to correct the entry.
A clean credit report is often under-rated by consumers. Many times, people forget they had a doctor's appointment six months ago and that $40 bill is now showing as unpaid and overdue! Reviewing your credit report as outlined above will alert you to these types of issues and allow you the opportunity to take care of any oversights or discrepancies prior to applying for credit and being rejected.
At the very worst time, the importance of a clean credit report will dawn on you, maybe when you apply for a home loan. If you allow false or inaccurate entries to remain on your credit history, you should be prepared for high annual percentage rates (APRs). Don't sit by and allow this to become your fate! Always KNOW what is contained on your credit report! - 29866
In the event you do not know, the details of a person's financial standing are outlined on his or her credit report. Items reported on your credit history include your diligence in paying your bills on time and your credit borrowing history, such as the purchase of a new car or home or applying for a credit card. Items such as the approval or denial of a credit card are even reported on your credit report.
Whenever you attempt to obtain credit, for whatever reason, the company will obtain a copy of your credit history. Even this request for a copy of your credit report will be noted on your credit history! After a review of your credit report, the company will determine if it feels you are a "good" credit risk. If so, the chances are good that your application for credit will be approved. In not, not only will you be denied for credit, but the request for credit will be noted on your credit report and will decrease your credit rating further.
Knowledge of what is contained on your credit report cannot be stressed enough. It is extremely important that you review, understand, and KNOW what is listed on your credit report.
Obtaining a copy of your credit history is really quite simple. There are companies all over the internet who offer free copies of credit reports. Another way is to contact the three major credit reporting companies, also known as credit reporting bureaus - Experian, Equifax, and TransUnion - to request a copy of your credit report. Each of these companies is legally required to provide you with a copy of your credit history each year, upon your request.
Sit down and review your credit reports once they arrive. You will need to be on the alert for any inaccurate information. Be sure to check current and past addresses, employment history, and payment information. If you previously had accounts which were past due, but subsequently brought back up-to-date, be sure that this is reflected on your credit report.
If your credit report contains any inaccurate or false entries, these can be corrected. A letter, along with any confirming documentation, should be sent to the credit reporting agency. Your letter should explain the purpose of the letter and what you are requesting. The confirming documentation should be enough to correct the entry.
A clean credit report is often under-rated by consumers. Many times, people forget they had a doctor's appointment six months ago and that $40 bill is now showing as unpaid and overdue! Reviewing your credit report as outlined above will alert you to these types of issues and allow you the opportunity to take care of any oversights or discrepancies prior to applying for credit and being rejected.
At the very worst time, the importance of a clean credit report will dawn on you, maybe when you apply for a home loan. If you allow false or inaccurate entries to remain on your credit history, you should be prepared for high annual percentage rates (APRs). Don't sit by and allow this to become your fate! Always KNOW what is contained on your credit report! - 29866
About the Author:
Woman Did This to Raise Credit Score 177 Points by Hiring Lexington Law. True story - See Proof at www.lexingtonlawreviews.com.
