It's Been Said The Devil's In The Details. Learn To Understand The Details
Of Your Credit Report Or You May Experience Financial Heck
There have many suppositions offered regarding just what is contained in a credit report. Some know-it-alls have even gone so far as to broach the absurd idea that the intimate details of your life are contained within for all to see. Nothing could be further from the truth.
A credit report is as sterile as a hospital room, and benign in its reporting function. The information found there is purely specific; the amount of information however can cover volumes. Your credit report is fairly benign until one fails to pay a bill on time, at which time this credit reporting colossus notices, records it, and willingly offers this information to anyone who asks for the next seven to ten years!
In a nutshell here is what should be seen on your credit report:
? Your name, addresses (current and former), Social Security number, and employment history.
? Any tax liens, judgments, bankruptcies, and any other official information.
? Accounts, if any, that have been sent to collection agencies.
? Information about each credit account - Open or closed, who is owed, account type, single or jointly owned, amount owed, monthly payment, how well you have paid, and your credit limits.
? All companies that have requested your credit report recently.
? An optional message from you, up to 100 hundred words long, allowing you to explain any extenuating circumstances for any negative listing on your report.
? Your credit score, which is an optional feature. One note of interest is your credit score may vary from one bureau to another.
Each reporting bureau has its own unique format, with information generally understandable by the average person.
As mentioned previously, nowhere in a credit report will you find lifestyle choices, religious affiliation, medical history, checking or savings accounts, or other personal information. Any information other than that listed above should raise grave concerns and prompt immediate action on your part to correct the situation.
Go online ( www.equifax.com , www.experian.com , and www.transunion.com ), call, or email today and obtain a copy of your credit report. Educate yourself on its contents or run the risk of possible financial hardships.
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