So, you ask:
ultimate-credit-report.com/3in1_instant_credit_report.html" TARGET="new What are the three major credit reporting agencies? Well, when you apply for a loan or credit card, the lending institution needs to be sure that you are able to repay what you borrow. They will look at your
income, employment history, debt and credit history. And this is where your credit history is recorded: by the three major credit reporting agencies: Experian, Equifax and Trans Union.
Your credit report contains your entire credit history everything that affects your ability to repay your debts. Your outstanding debts, previous loans and account balances are recorded in your report. If you have filed bankruptcy, missed payments or have unpaid bills, they will affect your credit history.
The government, potential creditors, insurance agencies, landlords and employers may request your credit report. They contract with the agency of their choice. What is in your report will affect your interest rates, repayment terms and insurance premium amounts. If you have a good credit history, you will have an easier time securing loans. If you have poor credit, you may not be able to secure a mortgage, pay low interest rates or find affordable insurance premiums.
How the reporting process works
You are shopping for a new credit card. You fill out an application. The creditor uses your Social Security Number to receive your credit history from the credit reporting agency. This is called an inquiry and it is noted on your report. Lenders are able to see who looked at your credit and when.
The creditor will use
ultimate-credit-report.com/credit_score.html" TARGET="new online credit report and scores, along with your income and asset information, to determine what interest rates and terms you qualify for. You are approved for the new card and begin using it.
Approximately every thirty days, the creditor will report your credit activities to the three agencies. Your balance information and timely payments are noted in your report. When the agencies receive new information about you, they update your report.
You should know your credit history
If everyone is looking into your credit history, shouldn™t you? You need to know what is in your credit report. Experts say that almost half of all consumers will have untrue information in their credit report. Each credit reporting agency may have different information about your accounts.
For example, you may have forgotten to have the electricity taken out of your name when you moved from your first apartment. When you look at your credit report for the first time, you notice a report from a collection agency. You are responsible, pay the bill and forget about it. Later, you have a bank tell you that it is still on your report. You obtain all three of your credit reports to find that it was only marked paid on two of the three.
Mistakes happen. In the above instance, you would contact both the collection agency and the credit reporting agency about the mistake. Provide any documentation of your repayment to the credit reporting agency. It can be fixed, but will take time.
Your credit report can show whether or not you are a victim of identity theft. If you find inaccurate information or feel as though you are a fraud victim, you should contact all three credit reporting agencies.
You should check each agency's report at least once a year. You might even want o look
ultimate-credit-report.com/credit_monitoring.html" TARGET="new monthly credit monitoring services. By keeping an eye on your credit history, you are able to correct any negative inaccuracies before they have an impact on your ability to obtain credit.combine this with paying your bills on time and you will maintain a healthy credit history.
About The Author:
Linda Meadley is very knowledgeable in the field of credit. Throughout her 20 year career she has worked as a mortgage and loans office, credit manager and financial advisor, assisting consumers in their financial endeavors. Her website is packed with great information and tips, including how to obtain
ultimate-credit-report.com/index.html" TARGET="new totally free online credit reprots and her recent book on
ultimate-credit-report.com/handling_your_debt.html" TARGET="new debt elimination is helping millions across America become debt free. Copyright © 2006 Ultimate Credit Report
