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Follow on Google News | A Simple Anatomy of Credit ReportIf you're one of those who might hear or encounter the term "credit report" for the first time, read on..
By: Frank If you're one of those who might hear or encounter the term "credit report" for the first time, read on.. What To begin with, you may ask "what is a credit report anyway?" Simply put, it is a record of an individual's past borrowing and repaying, including information about late payments and bankruptcy. It does have an extensive list of financial information regarding individual credit records and transactions such as payment history and even bank balances. A number of terminologies synonymous to the term "credit report" are "credit history", "credit reputation", and "credit score". Such report also provides the information that potential lenders will see when performing a credit check. Why So why does having a good credit score matter? If you are planning to purchase new costly properties like cars, houses, apartments on credit, or simply applying for credit card, it is almost impossible to avail credit of any sort without a decent score. A low credit score means banks and other financial institutions may deny credit, charge higher interest rates, demand more collateral, or require extensive income and asset verification. Conversely, a good credit score (usually 700 & above) contributes to the likelihood of having your credit granted by creditors. How To get it, simply go to one of the 3 major credit reporting agencies (Experian, Transunion & Equifax) to get the same information potential lenders are viewing. Under the law, you're entitled to free credit report once a year. Apply online to get a free credit report from any of the 3 agencies. As always, you must fill in some personal details. If you're not internet savvy, call the agent's phone number and ask it to send you the documents to your place of residence. When It's advisable that you obtain your credit report at least once a year; even when you already know that your credit score is in good standing. Though it's not mandatory, it is always worth doing precautionary measure to keep track of your personal credit report, identify and correct any errors you find in the report. This permits you to stay in control of your financial health. You'll be glad you did! Further reading http://credit- Additional resource: http://creditreporttrw.blogspot.com/ End
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