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Credit repair - CMG Credit solutions What is a Credit Report

What is a Credit Report?

 

UNDERSTANDING CREDIT REPORT

We all know that a credit score is a number that generally reflects a person’s creditworthiness or his likelihood to pay his credit back. Now, a credit score is primarily based on a credit report. 

Your credit report is a collection of your current and past debt records, including your payment history. This is important because it can impact so many aspects of your life, like paying your rent and monthly dues, buying a new house or car, getting a loan, and even qualifying for your dream job or promotion.

Simple, put, a credit report is mostly a collection of your financial information and works as a financial transaction history that is used by potential lenders, employers, and others to determine your creditworthiness. This financial information was collected and prepared by the three major credit bureaus: Transunion, Equifax, and Experian. 

Your credit report contains a variety of types of information.

  1. Personal Information such as your full legal name and aliases you have used.
  2. Your current address and previous addresses.
  3. Your current employment and previous employers.
  4. An inquiry history, a history of lenders or businesses who have looked at your credit report.
  5. A history of financial transactions. This is the meat and potatoes of your credit report. These are businesses who have extended you credit who have reported that information to the credit bureaus.
  6. And finally, a history of public records, such as judgments, and liens, or in other words, a history of civil court records.

All of this information is assembled into your credit report. The companies who assemble or gather this information are called Credit Reporting Agencies or Credit Bureaus. As you can see, this is a lot of information to gather. And there are multiple gathering sources. So, when a mistake happens it flows all the way down the information chain and finally ends on your credit report. For some reason, many people haven’t seen their credit reports yet. But did you know that you can get a free copy of your credit report once per year? Yes. You can get one copy from each of the three major credit bureaus. You can get your free credit reports by calling Annual Credit Report at 1-877-322-8228 or go to AnnualCreditReport.com. It is highly advisable to check your credit report regularly to ensure its accuracy. Remember that it has a great impact on your daily living. Checking its accuracy may be wise especially if you have major financial plans in the near future.

 

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