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Credit Reports
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A credit report is a
constantly changing report that reflects all
debt information that is attached to a
person. This information can be updated
daily. This means if you view your credit
report today, and then view it again in a
week, there will most likely be some
changes. Changes occur when one of your
creditors sends the Credit Bureaus new
payment information on you for the most
recent billing cycle. Some of the
information that your credit report consists
of:
- If there are any public records on you
such as judgments, bankruptcies, or tax
liens.
- Your current billing address
- List of all creditors past and present
- List of all accounts presently open
- Amount owed on each account
- Amount available on each account
- List of all late payments or non-payments
Who looks at your credit report?
More and more companies and businesses are
using credit reports. The main reason for
someone to check your credit report is
payment reliability. Banks, Loan Officers,
Credit companies and leasing agents like to
see if a perspective client has a payment
history that shows responsibility. New
audiences for credit reports are insurance
agents and prospective employers. They are
using credit reports as a way of measuring
responsibility.
Why is a credit report important?
Now that credit reports are being used in so
many decision-making processes that affect
daily life, from employment to insurance to
home mortgages it is important to know what
your credit report says about you. Your
credit report is important because people
may make decisions on you based solely on
that report. It is important to order a
credit report that comes from the three
major reporting agencies and a nice bonus is
your FICO score. A full report can be
ordered quickly on-line. |
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