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What you should know about your credit report

By George Hauser
Published: Monday, October 19th, 2009

If you once thought that spending a vast amount of money in one sitting wouldn’t really affect your credit performance, think again. Due to crisis and economic evolution, it is essential for lenders to be aware of each and every monetary transaction made by borrowers. This is why lenders have credit bureaus to work for them.  These agencies acquire information about individual consumers to track down costumer credit information. They are in charge of finding out how you’re doing financially in different situations. In order to further understand this, seek a credit score advice. 

A credit report is the output provided by credit bureaus to lending companies. It is said to be a rundown of data regarding your behavior as a credit card holder. The report includes your payment history, your different accounts, your credit balance and you’re performance in terms of paying your dues. If you are looking for a credit score advice, you need to be look for credible information. But what exactly are they looking for? Why should we be aware of this? 

A credit score advice includes the following list of things you can find in a credit report: 

  1. Personal Data- part of the most basic and most important pieces of information bureaus need is your personal information.
    This includes your birth date, social security number (which is also needed for taxation purposes), your current and previous addresses, as well as your previous and present employers.
  2. Overview of Credit History -this area revolves around your different credit accounts. Here you find the list of loans you’ve had and the people who have requested a copy of your credit report. It is important to know how many people or companies are requesting for your credit history because several companies or bureaus look through these to know if you’ve made any financial transactions or if you are behaving well in line with your loans. It also includes information of the number of accounts that are said to be past-due or if they still are in good condition.
  3. Your Detailed Account information-it includes an accurate list of how you’ve been fairing in terms of your financial life.
  4. Information on Different Accounts- this deals with relevant information regarding any accounts that were sent to the credit agency. These are said to include data such as liens or what we know as a property’s legal claim as well as wage garnishments which is when money is deducted from an employee’s monetary rectification.
  5. Information on how to dispute any of the above information. 

You also need a credit score advice to know the deal behind credit reports, lenders find out whether you are a good credit risk and are capable of paying your bills and monthly dues or if you’re at bad risk. By being aware of that fact that deals lending companies actually look into you’re financial situation, you are given the chance to be well acquainted with the idea that negative results in your credit report can greatly affect your future monetary transactions. 

By being adept with your performance as a borrower, you are lead to a choice in being responsible with your finances, thus the need for a credit score advice. 

To truly be able to learn about your present standing with your finances or your previous transactions, you may opt to acquire your own credit report copy.

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