Credit Report

Credit Report
What is in a credit report? A credit report is a snapshot
of your current obligations to creditors. These creditors
include credit card companies, mortgage companies, banks,
and retail stores. Lenders are permitted by law to check
your credit report and review it in order to determine
whether or not to grant credit to you. In order to build a
credit report all you have to do is establish credit in the
form of a bank loan, credit card account, car loan,
mortgage, or student loan. Information on your credit
report comes directly from your history with accounts you
currently have outstanding loans with. Whether you pay your
obligations on time or not, lenders will report that
information to the credit bureaus. There are four
categories.

1. Your personal information: Your credit report identifies
you will the following information.

• Your name
• Social Security number
• Current address • Previous address
• Birth date
• Current employer and previous employers
• Phone number

2. Your credit history: Your credit history will show your
payment history with current lenders such as:

• Credit Card companies
• Mortgage companies
• Retail stores
• Finance companies

3. Inquiries: This is where lenders are finance companies
have requested your credit report. The rule of thumb is
“the less inquiries the better.”

4. Public Records: Your credit report lists any obligations
that may affect your credit including the following:

• Judgments
• Tax Liens
• Bankruptcies

Credit Reports are now available to any organization that
is trying to grant you credit, or a company considering
hiring you. Your personal credit report is so important
during this day and age that you need to have a current
copy to see what they are seeing. Even landlords are
pulling credit in order to grant you permission to rent
from them. With all this in mind, it is highly recommended
that you have recent copy of your credit report, so that
you are aware whats being reported in regards to your
personal credit history. Most of the companies that provide
credit reports, dont understand credit, they just sell you
a credit report.There are also websites that offer a credit
report for Free but fail to mention that you will not get a
free credit score. Make sure when you obtain a copy of your
credit report it comes with all 3 reports and score. It
makes no sense to get copy of your credit report without
your scores since creditors look heavily at your credit
scores. Remember "your Credit is your Life."

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http://www.my720fico.com is the leading resource on the web
for credit reports and credit scores. We should know since
we are lenders.