About
Your Credit Report
What is a credit report (also known as a credit file
or profile)?
It is a written report, (stored in computers) comprised of
the following information about your personal credit worthiness
and debt repayment history.
(1)
Identification by name, addresses, spouse's name, date of
birth, Social Security number, telephone number, place of
employment, mothers maiden name etc.
(2)
Credit Inquiries - every time a subscriber (credit provider)
runs a credit report on a consumer, a record of the file inquiry
is made. It will remain on the file in most states for one
or two years. This is of interest to creditors because it
reveals recent credit activity.
(3)
Information in public records and collection accounts are
also collected by (or reported) to these agencies. Public
records include courthouse records, bankruptcies, judgments,
lawsuits, criminal etc.
(4)
Credit History - which includes the name and ID number of
each subscriber who makes a report and your credit/debt repayment
history. Also included is the date an account was opened,
credit limits, current balance, monthly payment amount and
payment frequency for the last 12-24 months. Records are dated
with each request or entry. Other information includes, but
is not limited to, consumer disputes, criminal convictions,
individual liability or joint liability of accounts, co-maker
or guarantor of payment on a certain account, secured accounts
and charge offs -when a creditor has reported an unpaid balance
as a loss.
(5)
Consumer Statements - a statement - not to exceed 100 words
- regarding any account(s) an individual may wish to more
accurately and completely explain - often very helpful to
credit decisions.
When is a credit file created? Usually when you make application
for a loan or credit card, or when a party who extended credit
makes a report to their credit reporting service on your debt
repayment.
Who
can legally look at my credit report?
Credit reporting agency subscribers comprised of banks and merchants
etc., may not access an individual's credit record unless authorized.
This authorization is standard procedure when you sign credit
and loan applications, life insurance applications, employment
applications, security clearance requests , etc. Read the fine
print on the applications for more details.
How
often should I look at my credit report?
If you are actively using credit - using one or more credit
cards with monthly or bimonthly charge activity, have installment
loan(s), vehicle lease, etc. review your credit file every nine
to twelve months, otherwise once every 15 months is adequate.
Sign up for a FREE, no obligation consultation
www.godebtfree.com
|
Find
valuable consumer information on TCCF's 
