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What You Need To Know Regarding Your Credit Report

By Ruth Racey
Published: Friday, December 11th, 2009

Credit cards are becoming one of the most common means of transactions, especially from consumers to firms. Hardly can you see any consumer whose main medium of exchange is cash, given the fact that credit cards are actually much easier to use. In this case, take note of the fact that when you are using credit cards, your expenditures are not just limited to the actual amount of cash that you hold. In addition, you can even spend more than you actually have, as long as you can pay for it. Whenever you are making transactions using your credit card, there is one document wherein all is listed and recorded. This is your credit report.

Many consumers are not fully aware of the bearing of their respective credit reports. In fact, these people are often ignorant of what credit reports are all about. The fact is that your credit report is actually as important as your credit card itself. Remember that whenever you are getting a loan, credit agencies actually evaluate your credit score. The higher your credit score is, the more chances that your loan will be granted. However, the lower your credit score is, the lower your chances of securing future finances. And much of the data that is indicated in your credit report actually determines what your credit score may be. This is the reason why this piece of document is important to you.

Your credit report indicates all of the transactions that you have made using your credit cards, including different kinds of loans and mortgages. In this case, whenever you are paying delinquently, or have exceeded your credit limit, it will all reflect in your credit report. And all of these data also determine whether you will get high or low credit scores. Therefore, when you want to raise your credit score, or seek an explanation why your credit score is low, you can consult this report. However, you must refrain from getting this report all the time. This would lower your credit score.

The good thing about your credit report is that it can be obtained free of charge. You are entitled to get this report for free in every year, so be sure to get it when you need it. The one responsible in giving these reports are the three main credit agencies: Experian, TransUnion and Equifax. These agencies are the one that maintains millions of credit files around the country.

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