Credit Reporting

Credit Reporting

      Your credit report consists of a detailed report of your borrowing (credit) habits. Credit reports in the United States are provided by three major credit bureaus: Equifax, Experian, and TransUnion. The information contained in each report is used to figure out your credit score. Most creditors then just want your credit score when they are looking over any application from you. You should take care of your credit report and work on it if needed. If you want to raise your overall credit score, you'll need to use all three credit reports to determine the problems.
     Credit-reporting agencies keep records on various accounts - your past and present - accounts opened in your name, including credit cards, bank credit lines, mortgages, department store cards, but usually not included in these are any rent payments or various utility payments. Your credit report also consists of any legal action against you as well as liens or bankruptcy proceedings. It consists of four categories.
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Your Personal information - Past and present home address(es) and some employment history, in addition to the obvious stuff like name, address, and SSN.

Your Credit history - Open credit lines and loans, plus a record of late payments (30 days or more) to anyone - (so make sure you pay your bills on time, this includes any mortgages or tv cable bills)

Public records - Bankruptcy and other court judgments, any possible alimony agreements and liens.

Inquiries - A dated listing of all recent business requests to see your file. Requests by you to see your own credit file are not recorded or counted.

     If your ever desiring a credit/charge card or a loan/mortgage, your overall credit score weighs heavily in a lender's decision. Though depending on the type of credit you are requesting, the lender may also look at your income and length of employment.