Personal Credit Report
Your personal credit report is an electronic record of your
credit activities. These activities include borrowing money to
buy a car, applying for a loan or credit card and your payment
history of the loans you have taken. Every time you apply for
credit or a loan, potential lenders use this report to see how
you use credit and how much of it you have available.
According to TransUnion, one of the three major credit bureaus,
there are four main areas of content in your personal credit
report: Identifying information, credit history, public records,
and credit inquiries. Your credit report
also shows any current credit that you have. This includes
amounts owed, amounts available, like on a credit card or other
form of revolving credit and payment amounts on installment
loans.
When lenders evaluate your loan request they use the
information on this report to generate your credit rating. The
higher this rating, the more likely you will receive the loan
and at more favorable terms. If you are planning on applying for
credit anytime soon, it's a good idea to take a look at your
credit report before the people reviewing your application do.
This will ensure that you aren't caught off guard by any
unpleasant surprises that may be on your credit report. Many
people have found errors on their credit report that were
bringing down their credit score.
Luckily, getting a copy of your credit report is easy and if
you request it from the right place it can also be free! A quick
Internet search will direct you to many reputable companies that
will provide you with a copy of your credit report free of
charge. We recommend visiting www.credit-report-cr
edit-score.com to learn more about credit and to obtain a
free copy of your credit report.
If you find errors or false information on your credit report,
they can be disputed and corrected. However, correcting these
mistakes can sometimes be a lengthy process. That is why it is
the best idea to keep a watchful eye on your credit report
activity at all times in addition to checking it before you plan
to apply for credit or a loan. That way, if any errors ever do
make their way on to your credit report you can save valuable
time by correcting them before you are ready to apply for your
next loan.
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