What is a credit report? Basically it is a file on you with
a lot of information on how you have managed your money. Within it, it reports
on your address, how you pay your bills off, legal issues such as criminal
records, if someone has sued you, any bankruptcy issues. Anyone wishing to
apply for a credit card, mortgage loan, car loan etc may want to be familiar
with their credit report. This report will have an impact on your ability to receive
a loan and at what rate from a financial institution. It will also help you
to see any areas where you need to do some work on in order to change that rating.
If you have ever applied for a loan and wondered why you where denied or
recieved a surprisingly high interest rate, it very well could have something
to do with your credit report.
But how does
one go about looking at it? especially knowing that there are many entities entitled
to view your credit report. These are various lenders, insurance companies,
renters and employers.
The information
within this site will help you to find out what your credit report is and how
to determine what it means to you.
The Fair
Credit Reporting Act (FCRA) allows consumers to obtain a copy of their report
once every year at their request. The reason why you want to keep an eye on this
is not just if you have bad credit. There are also times where there are errors
on it. You want to make sure your credit history is accurate. You could end
up paying a higher interest rate and premiums just because of an error. There
is also the issue of fraud in the form of identity theft. This is on the rise and
you want to protect yourself against such issues.
Also be aware
that lenders often require other information before they give you a loan. Because
the report itself does not by itself, provide all the information they are looking
for. Other issues to a lender are how much you make, how stable your job
is, and what your assets are worth.
Read through
the listings on the left of this website for more information on your credit
report.
|
