Credit Report Blog
Website CertifiedPrivacy Protected

Interesting Facts Regarding Your Credit Report

By Ruth Racey
Published: Saturday, December 19th, 2009

Fact 1: It is the record of all your borrowing history from the last seven years

Basically, a credit report contains all the records that involve your credit card account. All kinds of transactions, from personal and student loans, to mortgages and the number of your credit cards, as well as your payment history, can all be seen in your credit report. Usually, your credit report actually consists of all the records up to the last seven years. Given that there is a ton of information that can be seen in your report, it is very important for you to always pay attention to it.

Fact 2: It is heavily used be lenders to determine whether you will get your loan or not

Remember that before lenders will finally decide to give you the loan that you are asking for, they will actually see to whether you are actually creditworthy or not. In this case, creditworthiness means the ability of a consumer to pay for the loans, and not accumulating a huge amount of debt.

In this case, a credit worthiness of a credit card user can be measured according to his/her credit score. However, it is also true that the information that is required, where agencies would derive a credit score such as payment history and credit to debt ratio, can all be seen in your credit report. This is the reason why your report is also instrumental in getting a loan, as well as a high credit score.

Fact 3: It is usually given by the three main credit agencies: Experian, TransUnion and Equifax

These three main credit agencies are the ones who give millions of consumers their respective credit reports. In this case, these are the credit agencies that actually hold all the information of millions of credit accounts of consumers who uses credit cards nationwide. Also, when you are getting your credit report, moist likely, you will get it from one of these three. Sad to say, most of the reports that is given may contain some errors, so it is wise to always have it checked.

Fact 4: You can get your annual report for free

The good thing is that whenever you need your annual credit report, you can actually get it for free. All you have to do is to contact the main credit agencies to give your report. You can do it either by phone, online, or even by mail. In addition, it is also wise for you to get your report from all three agencies; this would enable you to compare.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.