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Learn About Credit & Income:
Credit Basics| Errors
in Your Credit Report? | Understanding Your Credit | Repair Your Credit | Looking
at Your Income
Credit Basics
A credit report is a history of how you have managed and paid
your financial obligations.
The credit history is a compiled report from three private reporting
companies, or credit bureaus: Equifax,
Experian, and Trans Union. They
provide your credit report to banks and other creditors so they
can review your application.
Your report will provide your social security number, full name,
account numbers, debts (including credit cards and auto loans),
and derogatory or bad credit (i.e. collection accounts, late payments).
Tax liens and bankruptcies are public records and remain so for
a number of years. When you request credit, the lender will perform
an inquiry to establish your credit worthiness. The inquiry will
appear on your report including the date and who made the inquiry.
When shopping for rates or terms for loans, do not let all your
contacts make inquiries into your credit history. A number of
inquiries in a short period of time will negatively affect your
credit score.
Bankruptcies, foreclosures and any derogatory credit are deleted
after seven to ten years., foreclosures and any derogatory credit.
The three reporting agencies continuously update your file to
reflect the latest information.
In order for your report to be as accurate as possible, you should
examine your file from each of the reporting agencies, as the
information can vary between agencies.
The Fair Credit Reporting Act (FCRA) allows you to receive one
free credit report during any 12 month period if: you are unemployed
and intend to apply for a job within 60 days; you’re receiving
welfare; or you think your report has inaccuracies. To obtain
a credit report, contact Equifax, Experian or Trans Union, directly.
If you have been denied or declined credit in the last 60 days
you can also receive a free copy of your credit report.
Next: Errors in Your Credit
Report
Credit Basics| Errors
in Your Credit Report? | Understanding Your Credit | Repair Your Credit | Looking
at Your Income |
