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Do Not Be Victimized: Know Your Credit Report

By Karen Anderson
Published: Monday, October 26th, 2009

One factor that triggered the financial crisis is the credit crisis. Given that people have become reliant with credit cards, there were so many credit companies who came out of nowhere and got into the very profitable business of credit cards. Unreliable credit card companies have given unreliable service and mediocre credit cards causing interests to soar until such time that there were so many credit card users who could not pay. Do not let this happen to you or if you are a victim, do not be victimized for the second time around. Read on for credit report tips that can help you understand what the word “credit” means especially when coupled with some other words.

When applying for loan, mortgage or a credit card; your lender will ask you for a credit report. This credit report will be prepared by a credit bureau. Included in your credit report contains all information regarding your credit activities. It will contain information on your credit accounts, your current loans; including dues on your credit cards and loans, and a record of how bill paying history. This is an important aspect of credit report tips because it is basic information that people usually take for granted. Your credit report will be what your lender will use in order to decide whether or not to grant your loan.

Before you can have a credit report, you need to establish credit through a credit card account, car loan, mortgage, or even a student loan. The bulk of the information that will be contained in your credit report will be from the business that you have accounts or outstanding loans with. A lender will decide if your credit report is good based on your success in paying your bills or bad based on your failure in same. This information will also be forwarded by your lender to credit report bureaus. Credit report agencies or bureaus can oversee some of the information that they record and this can have a negative effect on your credit report. Credit report tips are then essential for you to know how you can dispute any information that you find to be incorrect in your credit report.

Before you find out how you can dispute negative information, you must know what will be contained in your credit report that can be recorded incorrectly. There are four main types of information that will be contained in your credit report. First are your personal information, which will include your name, social security number, current and previous address, phone number, date of birth, and current and previous employers. Second is your credit history, which includes your banks, mortgage companies, retail stores, and finance companies. Third is the number of inquiries made into your credit report and these inquiries will have been made by lenders and credit grantors. Fourth are your public records that will include any court judgments (including child support judgments), tax liens, and bankruptcies. Any wrong information entered into the mentioned categories can be disputed as all credible credit report tips will tell you.

Credit reports are can be made available to anyone who requests it. In other words, it is open to public viewing. This is why you should be careful to correct any error that you find on it. It can land on the hands of government agencies who are reviewing your financial status for benefits as much as it will land on the hands of a prospective lender. You can be losing much if you do not have credit report tips can guide you in the matters concerning credit reports.

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