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| Credit Reports can be a Teaching Tool |
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| Written by Rob Kosberg |
| Friday, 09 January 2009 11:18 |
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Your credit report is an education for you in your financial history. It is the basis of any decision a lender might make regarding giving or refusing credit to you. It is a smart move to arrange to see your credit report. We can obtain copies of our credit report for free, on an annual basis, from the three major credit reporting agencies: Experian, TransUnion, and Equifax. Go to annualcreditreport.com to obtain these copies. Please request reports from all 3 agencies because they may differ. There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports. Lines of credit will be included such as balances, monthly payments, and credit limits. This section addresses credit cards, department store credit cards, mortgages, automobile loans, department store cards, gas cards. This will also cite dates accounts were opened, payment history (with late payments), unpaid child support, and overdrawn bank accounts. In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system. Any time that you fill out a credit application ( credit card, loan ) there will be a credit inquiry to one of the bureaus. If you inquire for yourself, it will be on the report. These inquiries will remain for 2 years. If the information on your credit report is positive, this is to your benefit. If the report has negatives, this information will remain for 7 years. A bankruptcy remains for 10 years. Request those credit reports from all 3 agencies. Compare the reports, be aware of discrepancies and fix errors. We have a personal responsibility to monitor our own credit profile, fix mistakes and, if needed, repair our credit. About the Author: With unprecedented problems in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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