What is a credit report and why is it important?
Along with your income, assets and debts, your history of credit management is an important factor when applying for a home loan. Three national credit reporting agencies continuously monitor your use and re-payment of credit, including credit cards, car loans, student loans and any other short- or long-term loan. Make sure you know what’s in your credit reports so you can correct any errors. All three agencies report the following information: • Identification: Name, address, Social Security number, employer, date of birth and spouse’s name. • Credit history: Current and past payment history of all open and paid accounts. Negative information, such as late payments, can stay on your report for seven years, while bankruptcies can remain for up to 10 years. • Collection: Any creditor who has turned over an account to a collection agency may be listed. • Public records: Items of public record that affect your finances, such as bankruptcies, divorce decrees, child support and other judgme
Related Questions
- What is the Advanced Credit Repair definition of "clearing up" a consumers credit report or improving their credit profile?
- Can Advanced Credit Repair demand that information be removed from a credit report which I have gotten from a merchant?
- What is an Investigative Consumer Report and how does it differ from a credit report?
