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Facts On Personal Credit Reports For The Inexperienced |
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Personal credit report is essentially the
accumulation of all financial data used for making sound financial decisions on applications for loans, credit cards, mortgages, etc. It is the information in your personal credit report that will influence interest rates to be offered and other terms of the agreement, provided your application is approved. Unfortunately it is possible that the lending institution can deny your application for a low interest credit card or 0% automobile loan on the basis of your personal credit report. Therefore it is crucial that you are aware of the contents of your personal credit report currently, to make sure that the information is accurate and not damaging for future prospects. Ways To Get Your Personal Credit Report? There are three primary nationwide credit reporting agencies (CRAs) or credit bureaus: Equifax, Experian (formerly TRW) and TransUnion that collects your financial details. December 2003 onwards the FTC has made it mandatory for the three, to oblige our requests for free copies of our personal credit report every 12 months. Requesting is essential as nothing is provided without a request. Then the final rule in June 2004 requires the three CRAs to establish a centralized source for catering to consumer requests for personal credit report. But on the flipside, the centralized source is available to consumers only in stages, starting from December 1, 2004 and the roll out expected by September 1, 2005. Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming consumers began using the centralized source for personal credit report from December 1, 2004. But it was only from March 1, 2005 that consumers from Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin were able to start using the centralized source for personal credit report. Similarly June 1, 2005 was the date for using centralized source for personal credit report for consumers in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas. For Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia, Puerto Rico, and all U.S. territories consumers, the centralized source for personal credit report begins on September 1, 2005. What Will You Find In Your Personal Credit Report? Personal credit report comprises data of four basic types, i.e. identification and employment data, payment history data, inquiries and public record data. Each type in your personal credit report has different uses for interested parties. To use an example, lending institutions would have primary interest in employment and payment history more than public information and number of inquiries. Prospective employers would be mostly concerned with employment details and public record information. In other words, where your financial history is concerned, what you don't know may well cost you dearly. Get hold of a copy of your personal credit report right away. You may even end up being pleasantly surprised. Get a Free Personal Credit Report To Check Any reason to feel your personal credit report may be flawed calls for getting a copy at once. A free copy of personal credit report is available on the Internet or from one of the three main above-mentioned credit bureaus. On receiving your personal credit report, scrutinize all the information ensuring that the personal credit report is 100% accurate. Then you can take certain steps to begin credit repair. The Credit Report Directory lists out a number of measures that can improve your credit score. Make bill payments on time, keep checking personal credit report to remove errors, maintain reasonable debt, keep unused credit to a reasonable level as too much can make you a credit risk and avoid repeated inquiries. Lack of good credit can mean difficulty in doing simple tasks like getting utilities connected at home. With bad credit mortgage or new car loan becomes next to impossible. Good credit paves the way to financial freedom, so make sure of its presence in your personal credit report and you'll be reaping the benefits. |
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