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Manage your Credit Report Better

By Andy Snyder
Published: Wednesday, March 3rd, 2010

A credit report is very important to analyze the various credit activities that one undertakes. It is like the report card that a school going kid receives for the academic work that he or she has done.

The credit report can be broadly categorized into four different categories, the personal information, the credit history, public hearings and enquiries. Each of these categories has their own importance associated with them.

The personal information consists of your name, your banking account numbers, your Social security number and other such stuff. When you receive your credit report at the end of the year, make sure that all of these information are up to date and accurate. If there are some changes to be made, file a complaint with the credit reporting agencies and get it rectified. Place your complaint online for faster replies, as they do take a lot of time to actually make changes if any.

The credit history part is the important part. It holds all the information pertaining to your credit activities like how many credit accounts you have opened, how much money you owe to your creditors, and how good you are at paying your dues. This is the part that actually matters when it comes to getting good credit. Always make sure you pay your dues on time. And then also keep a track on all the various creditors that you owe. And make sure you do not open new loans just for buying something which you don’t really need.

Then comes the public hearings part, this part will have information regarding all the defaults on payments that you have committed. It includes court hearings, bankruptcies and tax liens. This is the part that you would want to be blank. Any sort of entries in this category would surely ensure that you will not get a loan. And even if you do end up getting one, you will have to shell out a lot in interest rates because you will definitely not get a good deal. Always ensure you pay your dues in time. If for any reason you are unable to do so, approach your lender and renegotiate the terms. They will definitely help you out and in return your credit history will remain untarnished.

Lastly, there is the enquiries part. This part lists all the different enquiries received about your credit report. And more the enquiries, more the affect on your credit score. So make sure you go credit shopping in a small time frame of around twenty days. This time frame is called the credit shopping time. This will ensure that even if you have many credit enquiries in that time span, it will be counted as only one. This way you will keep your credit score high.

That was about the four basic categories for the credit report. Manage them well and you can be ensured of a good credit score. Best of luck with your credit report managing!

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