Everything You Always Wanted To Know About Your Credit Report
Your credit report is a very powerful report that essential controls what you can and cannot do in your life. Unfortunately many people aren't aware of what a credit report actually is and what information is contained on the report. This article breaks down what is contained on your credit report and tells you everything you always wanted to know about your credit report but were afraid to ask.
Your credit report is nothing more then a very detailed snapshot of your financial history that is furnished to anyone supplying you credit from the credit bureau. There are three main credit bureaus that handle a majority of these credit report request. They are Experian, Equifax and Trans Union. Each of these organizations are private in nature and routinely furnish your credit information when asked to do so for a fee.
Generally speaking the credit reports provided by the credit bureaus are very detailed and very accurate. For instance it's not uncommon for them to have information regarding missed payments as far back as 6 or 7 years. They collect this information in order to provide it to creditors prior to their providing any form of credit to a consumer seeking credit. The creditors can use the information they receive to determine if that same consumer can be considered a good credit risk. A good rating allows for more favorable credit terms while a poor rating essentially ends any chance for a consumer to obtain credit in the first place.
The amount of time that a blemish (such as a missed credit card payment) stays on your credit report can vary but normally these negative items are deleted after 7 years thanks to the Federal Fair Credit Reporting Act. Bankruptcies are another matter entirely and they normally remain in place for up to 10 years. Keep in mind that credit inquiries stay on your credit report for 2 years so closely monitor the number of times you apply for credit since a high number of inquiries can be viewed in a negative manner.
Until recently in order for a consumer to view their credit report they had to order a copy from one of the three main credit bureaus and pay a small fee. However new laws now allow for 1 free credit report every year to any consumer that wishes to see their credit report.
The power of your credit report is incredible. Even if you have built up a positive credit report any missed payment no matter how small the amount can result in a denial of credit. The best advice most credit can give is to stay current on your entire monthly financial or reoccurring obligations and don't overextend yourself financially.
Hopefully this quick article answered a few of your questions regarding your credit report. More detailed information can be found in various locations throughout the Internet. Don't forget to request your free copy of your credit report so you can see where you stand in the eyes of future potential creditors.
Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, consolidation and credit repair information that you can research in your pajamas on his website.
MORE RESOURCES:
Dana Holding Corporation CFO to Present at 2008 Credit Suisse ... MarketWatch - will participate in the annual Credit Suisse Global Automotive Conference in New York, NY Dana will provide access to a webcast of Yost's presentation, ... Tenneco to Webcast Presentation at2008 Credit Suisse Global ... |
Be Prepared for Arguments and Snooping When Sharing Credit Card ... MarketWatch - AUSTIN, Texas, Aug 27, 2008 (BUSINESS WIRE) -- Nearly one in five people who share credit card accounts say use of the accounts has sparked arguments with ... Pay Down Your Consumer Debt |
New Arizona law on credit freezes taking effect CNNMoney.com - NEW YORK (Associated Press) - Arizona consumers are gaining a new shield from identify theft: the ability to impose low-cost freezes on their credit reports ... |
TCM Bank, NA Selects Cypress Software Systems' Mark IV to Automate ... MarketWatch - "There aren't many application processing solutions that could handle our needs, but Cypress' Mark IV offers the flexibility we require to manage credit ... |
Hawaii credit unions: $7.6B in assets Bizjournals.com, NC - Credit unions in Hawaii reported $7.6 billion in total assets in the first six months of the year ending June 30, up 6.4 percent over the previous six ... |
Group wants homebuyers to use new tax credit Atlanta Journal Constitution, USA - By touting the new $7500 refundable tax credit contained in the massive housing-stimulus bill President Bush signed last month. The credit expires July 1. ... |
S&P cuts Radian Group's counterparty credit rating CNNMoney.com - NEW YORK (Associated Press) - Credit ratings agency Standard & Poor's on Tuesday night cut the counterparty credit rating on Radian Group Inc. to junk ... S&P Downgrades Units Of Three Mortgage Insurers S&P downgrades Teekay over acquisition debt |
Dallas-area electricity customers to get a credit on their bills ... Dallas Morning News, TX - By ERIC TORBENSON / The Dallas Morning News Power customers are likely to receive a one-time credit of $12.58 from their retail electric providers thanks to ... Oncor to mail $72 million in credits to consumers Oncor Customers To Get Piece Of $72 Million Credit Oncor Begins $72 Million Payout to Consumers |
Fitch Releases US Term Credit Action Report July 2008 MarketWatch - NEW YORK, Aug 27, 2008 (BUSINESS WIRE) -- Fitch Ratings recently published its latest US Term Credit Action Report July 2008. In July 2008, Fitch issued ... Fitch Ratings Affirms ASC 1997-D5 |
 ABC News | Credit Crisis: Government role? Seattle Post Intelligencer - We don't like the idea of saving individual investors, but we recognize that the mortgage twins are essential for the flow of credit to ordinary homeowners. ... CREDIT CRUNCH: FDIC, BLACK LIST US BANKS UP TO 117 Credit crunch: List of at-risk US banks increases sharply as ... Credit crunch hasn’t hit bottom, FDIC says |
Credit Score - Reporting Your Financial Health
Credit score is one of the most basic, determining factor while loan borrowing. Credit score is the criterion for the creditor to ascertain whether to give you credit or not.
Free Credit Report - Watch Out for Scams
Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U.
Credit Score - for Scoring the Right Loan
Somebody once said, "There is always a way of knowing your limitations and going beyond it." It is fundamentally true with respect of credit score.
Compare Credit Card Offers and Reward Yourself
Here's a simple system on how to pay zero interest and get tons of free stuff. Almost everyone uses credit cards.
Dont Fall For A Scheme When Trying To Rebuild Your Credit History
For people with a spotty credit history or bad credit, getting approved for a standard credit card can be difficult, if not impossible.There are a number of credit card options that are aimed specifically at people who have bad credit and are trying to rebuild or repair it.
Borrowing on a Credit Card
One of the easiest ways to borrow money of a financial institute is to use a Credit Card, available from all banks, building societies, and other financial organisations. The choices available are enormous, with a wide variety of interest charges, annual charges, loyalty schemes, and bonus points available.
Dealing With and Repairing Bad Credit
Bad credit can be a burden for otherwise good credit. It may not seem fair at times that financial mistakes in the past can haunt you in the present, but with a little bit of work and some time bad credit can be turned around and repaired.
Identity Theft - Dont Think You Are Immune
As identity theft becomes more prevalent, the need to regularly check your credit report is very easy to see and understand. Two big headlines in the news recently point to how closely tied your credit report and identity theft are.
Understanding the Function of Credit
What is Credit?Credit is the backbone and the engine behind the workings of the economy. Credit simply allows individuals and companies to borrow funds in good faith and pay it back over a specified time frame.
Beware of Falling Minimum Payments
If you opened a credit card statement recently and were pleasantly surprised to find that your minimum payment due was lowered, don't be so quick to "jump for joy". What may appear as a small boost to your monthly budget is actually the rock that can weigh you down in debt for a lifetime.
How To Survive In A Plastic World, Qualifying For Credit Card
Let's face it, having credit is no longer a choice. "Don't leave home without it" is more like "can't buy a home without it.
Credit Help for Real Estate Financing: Credit Scores
When you buy real estate, lenders run all of the "big three" credit bureau reports. Each credit reporting agency lists your credit history as supplied to them by the individual lenders and includes governmental records.
Credit Repair Scams
"Erase Bad Debt !""Remove Negative Items From Your Credit Report"You've probably seen these headlines and others just like it promising to clean up or "fix" bad credit. For someone who suffers from a bad or poor credit rating, these headlines are certainly an appealing offer.
New Credit Scoring Model Could Help Millions
Mark and Beth, a young married couple in their twenties, established a goal to buy a home within the first three years of their marriage before starting a family. They budgeted and used their money wisely in order to save for the down payment.
Building A Credit Report Lenders Will Love You For
Will lenders really love you for having a good credit report score? Love is not the right word of course; lenders are after your money, and never forget that. But the lender's representative will love dealing with your credit application if your credit report is good.
Why Does Your Credit Card Rate Keep Going Up?
Have your read your credit card contract through completely? Do you know when it is okay for your creditor to raise your interest rates? If you are not sure about how and when your rates can be affected over the life of your contract you should take a few minutes to read your contract thoroughly from beginning to end.Creditors must have clauses in their contracts that give them the right to change your interest rates.
How to Get Credit Reporting Agencies to Help You
The process of clearing credit can be laborious and frustrating. Understanding your rights empowers you and saves you time and effort.
Warning: Free Credit Report Imposter Websites Springing Up on the Web
A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer credit reporting companies to provide consumers with a free copy of their credit report, upon request, once every 12 months.Access to the free credit reports has been phased in beginning last December in the West and will finally be nationwide by 1 September.
10 Tips To Prevent Credit Card Fraud
Imagine opening your credit card statement one morning and discovering to your horror that you suddenly owe thousands of dollars - on purchases that you never made.Impossible?Credit card fraud on the rise, so you need to treat your card and its information with extreme care.
Beat Credit Card Companies at Their Own Game!
Have you ever wondered how much money a credit card company makes? Have you ever wondered how much of that comes from late fees? Everyone has and if you haven't you should because most likely you own a credit card, which means that these late fees has or could directly affect you.As you have probably taken notice, credit card late fees are on the rise and have been so for awhile.