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Instant Credit Report Reveals Your Repaying Will |
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What information does your
instant credit report contain? It
reveals how many times you've applied for credit, how punctual you are in paying back loans, how much money you could borrow. What information your instant credit report does not contain is your business debts, salary and whether or not you're a generous tipper. Your credit file also might not show all of your credit accounts such as entertainment, travel, gasoline card companies, and credit unions. Since some of these creditors do not supply information to the instant credit report agencies. Your deposit information, like your saving accounts are not part of your credit file. An individual credit file does not contain your credit score. Here's a shortened version of what you'll see on your instant credit report from the big three consumer credit reporting agencies (Equifax, TransUnion, and Experian). Identifying Information It is obvious that your social security number, name, address and phone number appear on your instant credit report. But the file may also include a list of your current and previous employers, and even previous house addresses. Your Credit History Your credit history is the focal point of your instant credit report. It includes a breakdown of your debt: like: Late Payments Outstanding debt (the amount owed, or size of payments for installment loans) The total amount of credit currently available to you (e.g., if you have a credit card with a credit limit of $8,000, even if you only use $1,000 or so of it a month) These items will appear for all of your accounts (or institutions that have extended credit to you), including credit card companies, banks, mortgage lenders, auto-finance companies. These entries will remain on your instant credit report for up to seven years. Any Public Records Public records include any filings of personal bankruptcy or CCJs (court judgments) against you. For example, if you do not pay your property taxes, your record will probably show that the local property tax board has filed a lien against you. These items remain on your instant credit report for seven years, excluding bankruptcies, which remain on your credit file for 10 years. Inquiries Into Your Credit An inquiry is placed in your file when someone checks your instant credit report. Inquiries can be of two types: hard inquiries that take place when a business views your instant credit report for the purpose of an application and soft inquiries that take place when your credit is checked for other reasons. If you apply for a new credit card, a hard inquiry record will show on your credit report and may cause a descent in your credit score of about five points. When you view your own credit file, it is considered a soft inquiry and will not hurt your credit score. Most hard inquiries stay on your credit file for two years from the original placement. All inquiries must stay on your credit file for at least a year. You are permitted to dispute inquiries on your instant credit report, but it can be difficult to prove that the inquiry is indeed incorrect. Getting The Whole Picture Unfortunately, not all lenders report to all the three credit bureaus that is why these three credit bureaus don't always give the same information. So to get the true picture of your credit situation you'll have to get copies of your files from all three bureaus. Your single instant credit report also does not include your credit score, which is a major concern, since your credit score is seen by the lenders while deciding whether to give you the loan or not. If you want to get your credit score then you will have to pay for it. Remember your overall credit score is based on all of the items that appear on your credit report. So, start with your credit report(s) if you want to raise your overall credit score. |
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