![]() ![]() ![]() ![]() ![]() ![]() |
||
Home | Ask Your Question | Mortgage Glossary |
|
This article is a concise, informative tell-all explaining what exactly a credit report is, and what that means to you. It will NOT inform you where to get a cheap, or free, credit report. Rather, this article will explain what types of credit reports are available, and why they are used. A credit report is a retelling of your credit payment history. It can be provided to companies by one of the four credit bureaus in the U.S. as designated by law. Usually, this information is only shared when credit is being extended, although this is not always the case. A credit report is used to tell a potential creditor about your ability to repay your debts, based on past experiences. All credit reports are hosted in databases housed by the credit bureaus. If you are one of the 210 million people in the U.S who has a student loan, credit card, mortgage or another type of loan, then you probably have a credit file, somewhere. The information gathered to create your credit file is garnered from the companies with which you have credit extended to you. Also, the government or legal system may provide information as well. Whenever you apply for more credit, a credit report is usually created which contains all of this information from one of the four credit bureaus in the U.S. (Innovex, Experian, Equifax and TransUnion). There are quite a few other, smaller credit bureaus around the states; however, most credit granting agencies will only look at information from one of the big four. There are several different kinds of credit reports that an agency can request about you: - Consumer Credit Reports (what we have discussed most of this article already); Credit bureaus collect information about the people who have credit, and then maintain that information for any reports as discussed above. Although credit bureaus are not affiliated with the government, they are strictly regulated to protect the privacy of credit issuers, granters and consumers. For more more information about credit reports please visit http://www.moneytipsdaily.com/Money-Tips/Keep-Your-Credit-History-Clean-Remove-A-Negative-Credit-Record-From-Credit-Report.html See Also: Free Credit Reports: From The 3 Major Credit Bureau's! Asset Searching for Recovery Actions - The Decision Maker's Tool Part 2 Clean Credit Report: Easily Raise Your Credit Score 100 points How to Understand Credit Report |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ExplainingMortgages © 2005 - 2009