I used to apply for credit cards, car loan and even inquired with regards to home financing. And more often than not I always encounter the word “credit report” of which I barely have an idea of what was it all about.
Not until I got an advertisement email that focuses primarily on “Understanding Your Credit Report”, and of course I read on and found out various important aspect in my credit activities.
A credit report is a record of all your finance activities whether it is a loan acquisition, credit card application and all sorts of money matters that involve you. It also keeps track of how you use your credit and also the promptness whenever you make your monthly payment.
Understanding your credit report may help you consolidate every aspect of your financial condition. These reports will definitely reflect and can be used as reference by various credit institutions in the evaluation of your credit card application.
Here are some of the information that may be included in your credit report:
- Personal Records – It contains your complete name, address, age, birth date, spouse’s name, social security information and even your employment records. So filling in accurate information every time you apply for a credit card would reveal how honest and credible you have been with these forms.
- Financial Data – All your previous Credit card transactions, bank records, loan accounts and all other significant transactions from previous financial activities are collected and put into a reference form.
- Open Access - This record data base includes all your tax documentations, financial statements and even bankruptcy filing.
- Evaluation - These are inquiries from various credit institutions who have acquired copies of your credit report and statements.
Although your credit report may include vital information regarding your personal data it does not necessarily keep track of your religious inclination, race, health records, standard of living, political involvement, personal setting and criminal documentation.
Discrepancy within any of your information or records shall be immediately filed for evaluation and reconfirmation to the Credit institution concern, you may also include pertinent documents and supporting papers that may help clarify any flawed data to be corrected. Disputed entries are evaluated within 30 days; the law allows deletion of any inaccurate information in your records if the credit institution is incapable of confirming its validity.
Mistakes in your credit report can cost you! Check it for accuracy.
You may also request reports from these credit institutions to aid your queries in understanding your credit report. — Experian, Trans Union and Equifax.
Being prepared gives you a better chance of withstanding any future problems that may arise and affect your situation, or better yet understanding your credit report score now can give you a better perspective with regards to your financial standing and take necessary steps to clean up your credit report when needed.
What does your Credit Report say about you? Check yours at CreditReport.com