Credit Reports, What are they? A credit report includes all information about your credit transactions reported to the credit reporting agencies. Credit reporting agencies do not actively collect information about you. It is supplied to them by creditors like Visa, Master Card, and your bank. No checking on the validity of this information is performed by the credit reporting agency (this is often the cause of credit report mistakes). Then, the information is inserted into your credit report as received. An individual’s credit information is stored by his or her social security number. This is why it is advised against you giving out your social security number to too many people. There are three credit-reporting agencies Each credit reporting agency being dominant in certain areas of the country, it is also fairly common to find information about a loan or other type of credit not even reported on your credit report. This is simply because a local creditor often does not want the expense of being a subscriber to multiple credit reporting agencies. So it only subscribes to the dominant credit reporting agency in its region. However, large items like cars and houses and of course negative credit items generally are reported to all three agencies. Typical information on a credit report includes: • Bank credit cards (Mastercard, Visa, American Express, etc.) • Retailer credit cards (Sears, Macys, Etc.) • Student loans • House loans • Other types of loans Additionally, it is common to see the following information on your credit report if you are in default (not making payments): • Utility bills (phone, electric, etc.) • Rent payments • Medical bills • IRS Liens • Property tax bills • Attorney’s bills • Other legal suits and judgments against you Every time you fill out a loan application form for house, car, credit card, furniture etc., the potential creditor runs a credit check on you at one or more credit reporting agencies. The potential creditor then uses this credit report information as part of its scoring process. These scores are based on the types of credit and their status (good or bad) in this credit report. If you are denied credit, you can request a free credit report. Within 30 days, your creditor will send you a letter telling you how to get a free credit report. Credit reports contain a tremendous amount of information. At first glance, these reports seem overwhelming. By carefully following the instructions that come with it, you will quickly learn how to interpret the information and identify the incorrect information. If you get stuck at any point, Professional Consulting Services can help you. (See the Ad), One of the most important things when considering a Credit Report, is to verify all information of each item for accuracy. This includes account number, name of creditor, date account was opened, balance, and credit rating as well as any other information that may appear. Other Important items to look for are bankruptcy, judgment, tax liens, suits, wage assignments, charge offs, inquiries, checkpoints, past-due accounts, and foreclosures to name a few. Items of this type are red flags to potential creditors. Every year, get a copy of all your credit reports and examine them. If they have incorrect information on them, take steps immediately to get these items repaired or removed. A clean, positive credit report is a very valuable resource in your financial life. Protect it and keep it clean and it will serve it well when you most need it. |
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