Credit score report is maintained by authorized agencies for each citizen basing on the information they get from lenders,credit card companies and other businesses.They are voluntary organizations funded by lenders and they give back this information to the authorized business people.This information enables them to take right financial decisions.
Each credit report in the broader scene consists of four parts like
1.Your identity information
2.Your Credit history
3.Inquires that are happening about you
4.Public records.
Let us have a look at each individual part in detail.The identity part is the infomration that you provide to the creditors and it will be reflected as it is.It consists of information like
- Name
- current address and previous two addresses
- phone number
- social security number
- driving license number
- birth date
- spouse name
- house that you own and their information
- your present income
- current employer and
- your previous employers.
It consists of accounts information that you have with different lenders,retail stores,credit card companies.It also includes the accounts where you are authorized like your wife accounts.Consists of each account number and some further details like
1.Date of opening of the account
2.What kind of account it is3. Is it alone account or joint account
4.The amount of loan you have to pay or highest balance on credit card
5.Monthly amount that you have to pay on each account
6.Outstanding balance and
7.Any missed or late payments.
8.Past due details that are sent to the agency.It is a bigger negative remark than a late payment if it exists in the credit report.
9.The details of in active accounts for a long years depending on the balances that you had on that accounts.
Inquiries
Credit bureaus keep the information who is asking about your credit report information in the report.This list includes lenders,land lards,credit card companies,service providers and insurance companies.It will be there in the record for a minimum of two years.
Any credit application inquiry is a hard inquiry and your own request or employer request is treated as soft inquiry.
Information about the People with good credit report will be sold by the agencies to different people and they send you back some offers like pre approved loans.This kind of inquires are not going to effect your report and treated as soft.Some times this may reflect badly on your report and loans that you want to get.If you want to avoid this kind of situation you can ask them not to sell your information to business and for that you have to call call 888-5-OPTOUT (1.888.567.8688) to remove your name for two years from mailing and telemarketing lists that
come from the big three bureaus.
Public Records The natural information that exits in public records includes
- bankruptcies;
- tax liens;
- foreclosures;
- court judgments; and
- overdue child support.
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