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What is the correct way to use a credit report?

By Derek Brown
Published: Wednesday, January 6th, 2010

In today’s time, it is very difficult to maintain credit reports. It is also very difficult to maintain and improver the credit scores. It is very important to have a copy of the credit report before the individual is filling a mortgage application or any credit card offer. Credit report is basically an inventory of the monetary obligations. This statement has the record of all loans and all transactions that would be made up till next ten years. It lists all loans and all necessary details up till the next ten years. These transactions may include mortgage foreclosures as well as bankruptcy.

Also, the taxes to be paid might remain within the records for the next 15 years also. It is also very important to note that, when the tax lien is paid it can remain till 7 years. The credit report also mentions various financial payments as well as receipts. It mentions complete financial details regarding a financial year. The credit reports are maintained on daily financial transactions made. Thus, this is a very important statement. These companies also offer a late payment period of up to 30 days. The most famous credit reporting agencies are Equifax, Experian and TransUnion.

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