The Contents of a Credit Report
Any person that has taken credit is sure to have a credit report.
These documents are acquired through a number of companies, in which most of them ask for payment in return for your report.
Some offer it free, though.
Just to give you a quick idea on what is a credit report, TransUnion, Equifax, and Experian or the big three credit bureaus offer reports for free.
Credit reports list out the financial history of an individual for a certain span of time or credit point.
The report serves as a basis of companies and firms in determining how responsible an individual is when he acquires and pays the debt and what strategy on financial management should they use as one pays the debt.
This is also used in determining if the person is punctual in paying bills and debts.
For example, this would be useful for landlords who are seeking new tenants.
These reports take information from a wide range of sources, wherein majority of the information are from financial companies' records.
The reports contain information of a lot of kinds, but most of it is personal information that doesn't include preferences and behavioral attitude such as hobbies and interests.
The data inputted there are full name, social security number, date of birth, employment history, residences - both past and present, and the likes.
It also elaborates details on your credit accounts, such as who you owe money to, current remaining balance of the loan, the loan amount when granted, the condition of it being a solo or joint loan with someone else, the loan payment schedule or when you pay the debts, and the history of payment record if payments are made in advance, on time, or late on the date agreed upon.
The report records each time that a credit enquiry has been made with the time when it was done.
There are two classifications of these enquiries - soft and hard.
Soft enquiry is made when a financial company offers credit, hard enquiry, on the other hand, is when you are the one who is applying for credit.
If a loan has not been repaid and it was forwarded to a debt collector, the report will also have a record on that.
It is vital that the outcome of the report should be positive as it is a great factor to companies and firms in supplying initial information if a person is to be given credit or not.
It all depends on the outcome and score indicated on the report.
These documents are acquired through a number of companies, in which most of them ask for payment in return for your report.
Some offer it free, though.
Just to give you a quick idea on what is a credit report, TransUnion, Equifax, and Experian or the big three credit bureaus offer reports for free.
Credit reports list out the financial history of an individual for a certain span of time or credit point.
The report serves as a basis of companies and firms in determining how responsible an individual is when he acquires and pays the debt and what strategy on financial management should they use as one pays the debt.
This is also used in determining if the person is punctual in paying bills and debts.
For example, this would be useful for landlords who are seeking new tenants.
These reports take information from a wide range of sources, wherein majority of the information are from financial companies' records.
The reports contain information of a lot of kinds, but most of it is personal information that doesn't include preferences and behavioral attitude such as hobbies and interests.
The data inputted there are full name, social security number, date of birth, employment history, residences - both past and present, and the likes.
It also elaborates details on your credit accounts, such as who you owe money to, current remaining balance of the loan, the loan amount when granted, the condition of it being a solo or joint loan with someone else, the loan payment schedule or when you pay the debts, and the history of payment record if payments are made in advance, on time, or late on the date agreed upon.
The report records each time that a credit enquiry has been made with the time when it was done.
There are two classifications of these enquiries - soft and hard.
Soft enquiry is made when a financial company offers credit, hard enquiry, on the other hand, is when you are the one who is applying for credit.
If a loan has not been repaid and it was forwarded to a debt collector, the report will also have a record on that.
It is vital that the outcome of the report should be positive as it is a great factor to companies and firms in supplying initial information if a person is to be given credit or not.
It all depends on the outcome and score indicated on the report.
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