Do you know what is a credit report? It is nothing but a report that is based on your entire credit activities. It keeps an eye on your accounts, outstanding loans and your bill paying history. Most of the times, creditors and financial institutions make use of this report so as to determine financial position of an individual. However, loans are granted on the basis of these types of reports.
Now, lets have a look on some of the important components of such reports:
1.Personal information- The report contains facts and figures that are good enough to describe you. It will also contain your:
a.Name
b.Social security number
c.Details about your current and previous employers.
d.Date of birth
e.Permanent address and contact details.
2.Credit history- The component will act well in describing your previous and current financial position to lenders like:
a.Banks
b.Finance companies
c.Mortgage companies
d.Retail stores
So such reports have a major role to play in your financial life. For example, you want to buy a new home or a car and you are planning to apply for a loan application. The lending institutions do not grant loan amounts so easily rather a complete procedure is followed.
Before granting you loan, your creditor is highly interested in knowing about job details and your previous relationship with your creditors. To get the job done, they will access your credit history in order to check whether you are in a condition to return loan amount back or not.
However, it is of core value for you to monitor your credit details and information at proper intervals as it will help you a lot in improving your credit score. Moreover, accessing them at regular intervals will help you to locate errors on time because one single mistake can results in higher rate of interest or may spoil your image in front of your lenders.
In fact these days, there are several parties that can check your credit like insurance companies, landlords, utility companies and hospitals.
If you really want to improve your credit history and score, get in touch with credit bureaus and make a request for your report. Once you avail such services, you will get a free annual report from three main credit agencies. It is a must for you to get all three reports as your lender may use one or all three reports for making a decision.
So, do not hesitate to get familiar with your credit score as it will assist you in maintaining strong financial position through out your life.
Now, lets have a look on some of the important components of such reports:
1.Personal information- The report contains facts and figures that are good enough to describe you. It will also contain your:
a.Name
b.Social security number
c.Details about your current and previous employers.
d.Date of birth
e.Permanent address and contact details.
2.Credit history- The component will act well in describing your previous and current financial position to lenders like:
a.Banks
b.Finance companies
c.Mortgage companies
d.Retail stores
So such reports have a major role to play in your financial life. For example, you want to buy a new home or a car and you are planning to apply for a loan application. The lending institutions do not grant loan amounts so easily rather a complete procedure is followed.
Before granting you loan, your creditor is highly interested in knowing about job details and your previous relationship with your creditors. To get the job done, they will access your credit history in order to check whether you are in a condition to return loan amount back or not.
However, it is of core value for you to monitor your credit details and information at proper intervals as it will help you a lot in improving your credit score. Moreover, accessing them at regular intervals will help you to locate errors on time because one single mistake can results in higher rate of interest or may spoil your image in front of your lenders.
In fact these days, there are several parties that can check your credit like insurance companies, landlords, utility companies and hospitals.
If you really want to improve your credit history and score, get in touch with credit bureaus and make a request for your report. Once you avail such services, you will get a free annual report from three main credit agencies. It is a must for you to get all three reports as your lender may use one or all three reports for making a decision.
So, do not hesitate to get familiar with your credit score as it will assist you in maintaining strong financial position through out your life.