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Do You Know What Your Credit Score Report Reveals?

By admin
Published: Saturday, November 15th, 2014

Credit score reports play an integral part when you require a large amount of loan for a purchase. An example is when purchasing a house. A lender reviews your credit report before finally approving your loan, which is why; many of your big purchases depend on the right credit score of your report.
Therefore, a credit report has a huge impact on the quality of your life. In order to avoid any future discrepancies related to credit, you should know all about your report as well so that you can be aware of things that might bring the score report down.

What Does this Report Actually Show?

The credit report basically shows if you pay your debts on time or not. It is a report that contains all the loans you have taken, whether or not you have repaid them, what your debt status is and all sorts of information that are required by a prospective lender so that he/she may decide whether you are reliable enough to obtain a loan.

What Sections Are Present In the Report?

The credit report contains a great deal of information on your financials as well as the financial history. In general, there are six sections present in the credit report;

 

  1. Personal Info
  2.  Account Summaries
  3.  History of the Accounts
  4.  PI (Public Information)
  5.  Inquiries (if any)
  6.  Contacts of previous or current creditors

Lacking in any of these sections can compromise one’s chances of obtaining loans, etc. Disputes between yourself and the creditors also end up being listed on these reports so it is a wise decision to be careful. However, this report does not contain information related to annual income, account balance, health records, race, religion and driving history.

Where Can I Get A Copy of My Credit Report?

Credit report copies can be requested by three credit bureaus, majorly; namely,

  • TransUnion
  • Equifax
  • Experian

Previously, obtaining a copy of your credit report cost a particular amount, but the Federal Fair Credit Reporting Act has recently amended this by implementing that each of these credit bureaus should provide a free of cost credit report copy yearly to those who request them.

Although a low credit score reduces your chances of obtaining loans; if there is a gradual improvement seen in payments of loans and debts seen in the report; a lender usually grants the loan.

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