Credit Report – what is?

By Miura

If you are the borrower and have credit card, credit report is an important and crucial part for your financial behavior loan. Because credit report can give you all information about credit loan and sometimes credit report is used by the insurance companies and employers to verify personal information and responsibility of the borrowers.

A credit card is a detail record of your financial behavior information base on credit history. The information about credit report is collected from banks and other creditor or the lenders. Generally, credit bureaus provide credit report for the borrower. There are three well-known major credit bureaus in the credit report world wide: Equifax, Experience and Trans union.

The content each of credit bureaus file may different because they do not exchange the credit report information with each other. But most of them have the same type of items.

Commonly a credit report is divided into four item information:

• Identification, including: your name, address, date of birth etc. make sure you fill identity rightly.
• Credit history or account history and sometimes are called trade lines, including: creditor name, account number, account type, responsibility, month payment, date opened, date reported, balance, credit limit or loan amount, high balance or high credit, past due remarks, payment status, payment history.
• Public record, including: bankruptcies, lawsuit, judgments, tax liens, fines, etc.
• Inquiries, including: “hard” inquiries are the filling out creditor application by your initiative. The “hard” inquiries are only shown to the lenders. And “soft” inquiries are the sending out promotional information to the lenders who are monitoring your account form companies. The “soft” inquiries are only shown on reports given to consumer. All parts of credit inquiries that have accessed to your credit report within the past two years.

Credit bureaus will give you account information and send up date information within one month. You may check your credit report at all of three credit reports every 6-12 month regularly. Be sure your credit reports have not inaccurate and fraudulent or anything strange reported even small inaccuracies on your credit reports because it can get the effect on credit score.

If you found inaccurate and fraudulent on your credit report, you can get credit repair and dispute any items n your credit report. You must notice for your dispute because credit bureaus can overlooks to investigate consumer disputes. Make sure that the dispute is not repeated on the same item because it can make credit bureaus may be suspicious for your next dispute.

Generally, the credit bureaus have 30 days to investigate the error item. They will remove the item from your credit report when they found inaccurate information or may be another mistake and send a letter with update report on your credit report. If they do not respond your dispute within one month, they will give you explanation letter.

Some information of item stay on credit report for 7 years, such as: charge-offs, collection accounts (from the last late payment), judgments (from the filing date), late payments (from the late payment date), closed accounts (if the account was paid late), tax liens (from the lines paid date, but fifteen or more years if left unpaid), bankruptcy (for chapter 13 fillings, but ten years for chapter 7 fillings), an the other such as, inquiries (two years).

Credit reports can give you a lot of the advantages thing, especially if you’re financial wants to move because your credit reports know your financial loans condition. Credit report can also help you to find problem from your financial and of course you can guard against identity theft that one of the fastest-growing crimes in the nation.