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Understanding A Personal Credit Report |
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A personal credit report depicts your financial history. In other words, a personal credit report is a consumer report that keeps the record of your payment history. It also helps in determining whether any fraudulent transactions have occurred on your
accounts. If you want to avail a loan to buy a new house or a new car, you should know the credit score shown in your personal credit report. But do you know what a credit score is? A credit score in a personal credit report is nothing but a grade that indicates how likely you are to pay on a loan on the agreed terms. A credit score works like a forecaster of your future performances. The higher the credit score, the more likely you are to pay on time or vice versa. The interest rate that you get also depends on your credit score. If your credit score is high, you are likely to get a very good deal on your loan because most lenders would think that you have the capacity to repay the loan on time. Often, people neither think about their credit score nor their personal credit report. But the reality is that your credit score and your credit report are two very important things that you should consider carefully. Do you know how much your credit report can affect your chances of qualifying for a loan? Your credit report keeps the record of every bill that you pay late. Consumer reporting agencies (CRAs) or credit bureaus accumulate and sell your credit report to the companies that offer you the loans. The companies evaluate your credit report and check your credit score before they sanction you the loan. If your report is negative, your chances of getting the loan diminish. That's why you need to be updated with your personal credit report. You can get a copy of your personal credit report from any of the three major credit-reporting agencies: Experian, Equifax and TransUnion. To get a copy of your report, you can apply directly by contacting the agencies. But remember, the big three don't exchange any kind of information with each other. Moreover, the three bureaus might not provide you the same information, as the creditors do not always report to all of them. Thus, you should ask for a copy of your personal credit report from all the three national bureaus and try to compare the information. Apart from contacting the national credit bureaus, you can also check your yellow pages under Credit Agency or Credit Bureau to see if any subordinate group is available locally. If you find any of them, you are also encouraged to contact them. But remember that all the subordinate groups get their information from one of the three national credit-reporting agencies. It is important to check your personal credit report on a regular basis. If you do so, you will come to know what's actually happening to your credit report and to your credit score. If you find any kind of error regarding your name, addresses, and social security number, in no time at all, write a letter to the reporting-agency explaining every dispute. Also request the agency to resolve the issue. If you have any supporting paperwork, send it along. But do not send the originals. Send a similar letter of dispute to the creditor with whom you disagree regarding your credit report. But don't forget to send a copy of your present address, your place of employment, and your driving license. To contact the reporting-agency you can take the help of the Internet also. Just with a click of the mouse, you can check out if there is any kind of error on your personal credit report. If yes, provide them with your personal documents just like you did when contacting them for the credit report. To wrap up: to make your loan process smoother, check your personal credit report regularly. It not only improves your eligibility for the loan but also ensures that you are not a victim of any identity theft. |
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