The Basics of a Credit Report

July 12th, 2017 | Author:

[I]f you’ve been researching about how to improve your credit, you’ve probably read about credit reports. Many times, articles and other information assumes you know what a credit report is and how it looks. For those without that knowledge, here are the basics.

What Is a Credit Report?

It’s a list of all of your credit information as well as some personal information. It tells everywhere you’ve worked and lived as well as the credit accounts you have or have had in the past. It includes collections accounts if you failed to pay for something. In essence, a credit report is the story of how you handle credit.

What is in a Credit Report?

A credit report will provide a lot of information about you. It tells how much you owe on loans and credit cards. It also tells when you’ve made all of your payments as well as any late payments. Your report will also provide information about any accounts you’ve failed to pay, even if they don’t normally report to the credit agencies.

A credit report is generated by the credit reporting agencies. Each one is unique based on the information provided to that agency. Not all creditors report and some only report to one of the three main agencies. Your credit reports could be quite different from each other.

How to Get Your Credit Report

If you’ve never seen your credit report, you need to take a look. There can be errors on the reports if something was not reported correctly. You can get one free credit report every year at annualcreditreport.com. You will also have access to a free report if you are turned down for credit.

It’s a good idea to get one every year and just before you apply for a loan or new credit. Take a look at the information and make sure everything is correct. If you find any information that is not accurate, you can dispute it and have it removed or fixed.

Anyone who wants to have good credit should know what a credit report is and what is on theirs.

Newest Answers

Common Myths on Building Credit

October 21st, 2017 | Author:
h

If you are just starting out on your own, you may have a hard time getting credit cards or loans because of a lack of credit history. You must build credit to get access to the best credit cards and loans, but you can mess things up if you don’t know how to do it […]

Continue Reading »

3 Things to Do When You Know You Can’t Pay a Bill

October 20th, 2017 | Author:
h

One of the worst feelings you can have is when you have a bill coming due and no way to pay it. You have either spent all of the money or you have to spend it on something more important. You don’t want to have to deal with those phone calls from creditors because you […]

Continue Reading »

Why You Should Change the Due Dates on Your Bills

October 11th, 2017 | Author:
h

[Y]ou open up the credit card statement only to see another $30 late payment fee assessed. Ugh! You can’t believe you forgot to make a payment on time again. In between running the kids to daycare or school, meeting with clients and taking care of errands on the weekends, some things just get pushed aside. […]

Continue Reading »

Good and Bad Reasons to Have a Credit Card

October 10th, 2017 | Author:
h

[G]etting approved for a credit card is a sign of responsibility. It can give you freedom with your finances. For instance, you can book a hotel or buy airline tickets, which would be difficult without a card. You should know why you want a credit card and understand if those reasons are good or bad. […]

Continue Reading »

Should You Avoid All Debt?

October 6th, 2017 | Author:
h

You hear financial experts preach about getting out of debt. They tell you to cut up your credit cards and pay for everything with cash. While some people may need to follow this advice, you may wonder if it’s the case for everyone. Should you avoid ever having any kind of debt again? Not Avoidable […]

Continue Reading »

Why Fall is a Good Time to Learn to Save Money

October 2nd, 2017 | Author:
h

[T]he busy summer season is behind everyone, and the upcoming holiday season is a few weeks away yet. Now is the time to focus on goals you have set. One of the most important is saving money. Fall = Transition Time You are transitioning from the lazy days of summer, times when you spent a […]

Continue Reading »

How to Protect Your Identity at Home

September 27th, 2017 | Author:
h

[W]hen you hear about identity theft, you may think about all of the public computers in use as well as the credit card machines in stores. While these are all areas that are vulnerable to hackers and those who want to steal your identity, one of the most dangerous areas is at home. Why? Because […]

Continue Reading »