The term Credit Report is a financial term that
refers to the credit information that you have accumulated throughout your credit
history. This is more than simply paying your bills on time (though that is
a part), taking in a broad range of financial information concerning your different
loans, credit accounts, issues regarding your payments and non-payments, and
other public record matters, including liens, bankruptcy, and arrests.
Throughout your financial life, you should consider your credit
report to be the very foundation of your financial reputation, including in
business, mortgages, and other situations with potential for borrowing. Each
element of your credit history is a building block of which your financial security
is constructed. Therefore, if you are familiar with, and you understand what
is contained within your credit report, you will be much more aware of your
financial standing. This should thus be considered a personal priority. However,
in order for you to properly understand your credit report, you will need to
examine all relevant information.
Your credit record will be checked and used every time a decision
is made with regards to whether or not credit should be extended to you, what
interest rate should be offered to you, and what sort of loans should be available
to you, and even some decisions that don't appear to be related to finances
on the surface. Potential employers may check your credit record.
Financial planners and government officials therefore highly recommend
that you maintain accurate and positive information within your credit record.
By becoming familiar with the information within your credit record, you are
much more protected against errors, and credit fraud such as identity theft.
These are all circumstances that are much more common than most people realize,
since they are not covered on the news as frequently as robberies and murder.
There are three major credit reporting agencies, Experian, Trans
Union and Equifax. Because they do not share or exchange information, it is
necessary to view information from all three of these companies. This can be
done in a single report, called a 3-in-1, a 3-bureau, or a triple-merged credit
report. In addition to informing the consumer by listing all those who have
reviewed it, the credit report provides information concerning the status of
credit accounts or loans, credit limits, payment patterns, monetary judgments,
liens and bankruptcies.
Make certain that you take good care of your credit record,
to ensure a strong financial future without any undue limitations.
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