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Things we need to know about Credit Reports

By Andy Snyder
Published: Thursday, December 24th, 2009

Credit reports contain vital information about a person’s credit worthiness. By now I would suppose that we already know several things about this document since whatever it has in store for us, for the lenders, for credit report agencies, for creditors, for financial institutions and for all others who can browse our files, has profound effects on our financial credibility and stability. We know this.

We also have credit report advice that we can utilize to fix existing errors on our credit report and to avoid future inaccuracies to dominate it. We also know this.

We hear a lot about credit reports. We read a lot about it. We even experience couple of things with regards to it. Maybe most of us are used to it. For some, credit report issues are like cliché already. But are all these things we hear, we read, we experience would be sufficient enough for us to say “I know credit reports” in the truest sense of these words? How well do we really know credit reports?

The following are some important aspects that we must keep in mind about these pieces of paper.

You don’t need an expert or to be an expert. This is the first important thing that credit report advice wants us to keep in mind. Some companies would want us to believe that we are needing help from “experts” to fix errors that are showing up in our credit report. Understand that it is their job thus they have to make people especially those overwhelmed by their debt problems that they need professional assistance. But it is a fact that you can actually do what the “experts” do in this scenario.

Second, no one else can affect your credit rating but you yourself and your partner or financial associates. Your family and friends living on the same address as yours don’t have influence over your credit records and scores. Even the previous occupants of your place don’t affect your records at any point. From survey done, it was found out that 71% of people believe in this. So if you are part of that percentage, start scrapping that idea. If there are people who can have influence on your credit rating they are those whom you have joint accounts with, credit cards and mortgages-your financial associates. Thus it is also a credit report advice to take a look at the financial background of your financial associates.

Third, you will not look attractive if you are credit-free nor if you borrow too much. Having no debts would not make you a better candidate for an approved loan. Why? It is because having no records would give no idea for lenders about your debt-repayment behavior. Also if you tend to apply too often for credit or loans it would not be good for your record as well, since every application means a lot of inquiries on your credit report. Another credit report advice, keep yourself in moderation.

Lastly having large loans would not give your record a negative aura. Loans that you are paying for long periods of time actually can raise your positive points since it would reflect how you can be consistent in your payment to have everything settled on time.

Here are just some of the important matters that we must remember about credit reports. A credit report advice, we must also be wary about the things we see, read or hear. We must know how to discriminate facts from non-facts.

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