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What is in a Credit Report?

All of us have probably been informed that our credit report Hawaii Lemon Laws a very important document. Its importance will increase if we have been denied a loan and realize that we must repair it.

We can obtain copies of our report for free, on an annual basis, from the three major reporting agencies: Experian, TransUnion, and Equifax. Go to annualcreditreport dot com to obtain these copies. Please request reports from all 3 agencies because they may differ.

The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.

There will be a section related to any trade lines. These lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each trade line was opened, limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.

The court system also provides information to the reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.

Any time you apply for a loan or charge card there will be an inquiry made to the reporting agencies. Your report will include not only these inquiries but inquiries by you. Inquiries remain for 2 years.

It is to your benefit if your report is positive. However, any negative information will remain on the report for 7 years if you do nothing about it. A bankruptcy is on your credit report for 10 years.

It is highly recommended that we obtain and seriously review our reports to be aware of car donation on each one, locate any and all errors. It is up to each individual to monitor his/her own profile, fix errors, and repair, if necessary.

With unprecedented challenges in the credit markets its more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to creditreformationBad Credit Repair for your FREE information.

posted by besnda @ 12:31 AM