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What You Should Know About Credit Report: Basics

By Karen Anderson
Published: Friday, October 2nd, 2009

When you are in some kind of financial trouble and you need to borrow money from a bank, you will be asked for a credit report. A credit report is an account of an individual’s credit history. It is compiled by a credit bureau. You will likely need some credit report tips if you are to present your credit report to your lender because this will be the ultimate tool of evaluation that will be used by your lender. In other words, your credit report will determine if you are worthy for a loan.

There are several things that are contained in your credit report. What is to be shown in your credit report is probably one of the most important among the credit report tips that you can gather. You need to pay close attention to make sure that the data entered under each category of your credit report is correct and accurate. Any mistake could be fatal for your credibility as a borrower. These categories are namely personal data, summary of credit history, detailed account information, inquiries into applicant’s credit history, details of any accounts relayed to the credit agency, and information that can be used to question any of the mentioned categories.

In order to maximize the credit report tips that are herein given, further details on the categories abovementioned will be provided. Your personal data will include your addresses both previous and current, your social security number, and your employment history. The summary of your credit history will detail the number and type of accounts that you have that are overdue or in good standing. Inquiries in your credit history will include the number and type of inquiries into your credit history. Other details will include those that are turned over to the credit agency including such information as state and county records.

Sensible credit report tips will advise you to keep your record as clean as possible. If you do anything that will tarnish your record, it will be very hard to clear it. In fact, you may not even be able to clear it especially if the report is trustworthy and consistent. This means that a through investigation has been done to accomplish your credit report, making all details valid to your lender’s lenses. You will have to endure any negativity in your record for seven years or so. Bankruptcy is sort of a different story because this will reflect in your credit record for, usually, ten years.

It was reported that there are about 91.1 million American households had one or more credit cards in their household in 2008. That would be an increase of more than a million from the 90.4 million American households recorded in 2007 who had one or more credit cards. According to US Census Bureau there is a record of $14.6 billion mortgage debt outstanding for the year 2007. It is important, therefore, to keep your credit record clean because of the reliance to credit cards and mortgage. Credit scheme makes our lives efficient in so many ways. This is why credit record tips are made available so that you can have a good chance of having your credit request approved by creditors.

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