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Credit Report Advice to know you credit report in and out

By Andy Snyder
Published: Wednesday, January 6th, 2010

Credit is the most basic term in the financial world today. This term denotes the actions when a person wishes to buy some goods or services. He then proceeds to borrow the money from a creditor or lender. When a person borrows money, he also enters into an agreement that he will repay the money in a timely manner in the form of periodic instalments as agreed. But before the creditor actually gives a borrower the money, he must make sure that the borrower can repay the loan back. This is decided with a simple process. The creditor can go check on the borrower’s credit history.

The credit history of the borrower contains details of all the transactions the borrower was ever a part of. The entire credit history is listed on a document known as the credit report. The credit report is the most important financial document today. Credit reports are prepared by three main agencies in the United States.

These three agencies are TransUnion, Equifax and Experian. These three agencies get reports and information regarding your financial activity in a timely manner and will prepare your report accordingly. The three agencies will get information from all kinds of enterprises including banks, car companies, insurance companies and even the post office and the courts. The credit agency will combine all the relevant information into a single concise credit report that can be used by companies.

There is also a new federal law that states that every person is entitled to a free credit report from each of these three agencies every year. It is advised that you make use of this facility. The website to order free credit reports would be You can also call the number (877)322-8228. Another method would be to fill out the form at the back of the Annual Credit Report Brochure. It is advisable to order the credit report only through the central agency. Going directly to the agency might cost you some money.

The credit report has many parts or divisions in it. The first division is all your identifying information. This will contain your, age, marital status, spouse’s name and all the addresses you have lived in. It will also have your employment details. Please check the information carefully. It is not uncommon to find spelling errors or errors with your social security number. These do not affect your credit adversely though. It is best to correct them as soon as possible.

The next part is the most important part. The credit history is listed here. Each and every credit you have had over the past few years will be listed here. Details of all the payments will also be listed and any late payments or due amounts will show up too. Any accounts closed with pending balances will also be shown. Charged off accounts is where the creditor has given up trying to collect.

The next division would be the public announcements. This division contains any bankruptcy claims you might have filed along with any tax liens. This is the part that will affect your credit score adversely.

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