Article by James

CREDIT REPORT

Definition:-Credit report is Personal file that contains factual records of consumer’s credit activities which are used by potential lenders to evaluate your credit reliability.Credit report reflects variety of information about your credit history like your open and closed loan accounts, credit balances, history of payments etc.

Credit reports contain following information about you:

Identifying information:- Your credit report contains information that identifies you, including the following: Your name Your social security number Your current address and previous addresses Your phone number Your date of birth Your current employer and previous employers This information helps ensure that your credit report is accurate and doesn’t mistakenly include details about another person perhaps same name.Public record information:- Your credit report lists any items that may affect your credit, including:Court judgments, including child support judgments Tax liens Bankruptcies It is generally gathered from local courthouses. This information is used to determine if you have previous defaults or legal judgments against you. Information showing a critical or disrespectful attitude can generally remain on your credit report for up to seven years, except for bankruptcy information, which may be reported for 10 years.

Credit history information:- Your credit report includes your history of bill paying with lenders such as:Banks Mortgage companies Retail stores Finance companies Here negative information about your credit relationships, such as late payments or defaults, will remain on your report for up to seven years, and bankruptcy information may appear on your report for 10 years.Inquiries: – Your credit report lists the lenders and credit grantors that have requested or received your credit report. A better general rule is to have fewer inquiries on your credit report. Inquiries typically can remain on your credit report for only two years.

What is 3-in-1 Credit report?3-in-1 credit report (also called a 3 agency credit report or a 3 bureau report) provides your credit history as reported by all three Bureaus i.e. Experian credit bureau, Equifax credit bureau, and TransUnion credit bureau)3-in-1 credit report will contain: Your details of every credit card opened in your name. Your details of every loan opened in your name. Your complete breakdown of payment history. Complete information of all the companies that have reviewed your credit report. Comparison of the information on each of the credit reports from the three credit bureaus.

3-in-1 Credit report is better than single credit reportThe credit bureau companies are independent of each other and do not share any information, so the personal and financial information that is contained in one credit check agency is not the same as the personal and financial information contained in the others; therefore, By obtaining a 3-in-1 credit report, you will be aware of any information a potential lender can see concerning your financial history.Also, because up to 70 percent of credit reports contain errors of some kind, experts recommend you get a 3 bureau report to ensure all errors are captured.