Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Tuesday, January 27, 2009
If you have recently been denied credit or plan to apply for credit soon, it would be wise to obtain your credit report. You know that it is a document that is the foundation of a decision on whether you will receive credit.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
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.
Credit reporting agencies also receive information from the court system. This section will have a listing of bankruptcies, liens, judgments, divorce.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
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.
It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
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.
Credit reporting agencies also receive information from the court system. This section will have a listing of bankruptcies, liens, judgments, divorce.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
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.
It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.
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.
posted by Credit Counseling at
12:04 AM
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