Understanding Your Credit Report
Your credit report is all that companies and lenders have to
know about you. They do not get to see who you are or know what
is happening in your life. All they know is what your credit
report has to say about you. If you haven't taken the time to
figure out what is on your report, do so, and do so quickly.
You will want to look at several things on your credit report.
First, you will notice there is a credit score. This number is a
direct reflection of your credit worthiness. The higher this
number is the better your credit rating will be. In most cases,
this is the number that they need to know in order to decide on
your credit worthiness. This number ranges though through the
various credit reporting agencies.
But, what makes those numbers higher and lower is the very
important information you need to check out on your credit
report. Any time that you take a loan out or open a line of
credit, these companies will report to the credit agencies what
you have borrowed, how much you owe and if you make your
payments on time. You should always make sure this information
is correct.
It is also important to insure that you do not have any mistakes
on your credit report. You should monitor it for flaws in loans
that you do or do not have as well as your payment history.
In the United States, the credit report is becoming free for you
to view and monitor your credit at least once a year. This is
necessary in order to protect your credit score as well as to
insure that your identity has not been used wrongly. The credit
report provides information about you to the rest of the world.
Make sure it's right!