How Do You Understand The Types Of Credit Reports?
Turn on the radio or television and you’re likely to hear a commercial urging you to get your free annual credit report, or to call a specific company if you’re swimming in debt and they’ll throw a life-ring to freedom your way. Many people don’t really understand what a credit report is and the types of credit reports there are. Breaking down the different types of credit reports, how they’re compiled, and how that information is used to assess your credit worth makes it easier to understand credit reports. There are three main credit bureaus that receive information from the suppliers of consumer information. That information is then compiled together to form what is known as a credit report. These credit reports are used to by creditors and lenders in evaluating whether extending credit or a financial investment in you would be a good or bad risk for them. Credit card issuers create reports containing information about the amount of credit extended to you, your history of payments,
