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Bad debt can really harm your credit history
While most people use the phrase "bad debt" to refer to a lot of debt, or just owing a lot of money, this phrase actually has a very specific use when it comes to financial issues. Bad debt in this case is a debt that cannot be collected. This...
Credit Card Debt And The Interest Only Loan
Here is an example of the system gone wrong: a mortgage loan
that encourages paying off one debt, in order to over extend
yourself with another debt. This is what happens with the
interest only loan and credit card debt. As a borrowing nation,
I...
Do You Need Credit Card Processing Services?
Are your customers asking for credit card processing services?
If so, you may want to consider adding this service to your
company's Website in order to provide convenient payment methods
that will bring back repeat business. Many companies today...
Knocking Down the Debts with Credit Repair
If you take a hard look at your situation and analyze your debts
carefully, you might just find a solution to knocking down the
debts. Debts are bills we owe to creditors, someone or source
that has extended us a line of credit believing that we...
No Fuss Credit Card Application
Today's consumers want the least possible hassle, processing
time and related fees when they make credit card applications.
One question that immediately comes to mind is acceptance.
Credit card applicants generally should not worry if they...
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What is a Credit Report?
This article is a concise, informative tell-all explaining what exactly a credit report is, and what that means to you. It will NOT inform you where to get a cheap, or free, credit report. Rather, this article will explain what types of credit reports are available, and why they are used.
A credit report is a retelling of your credit payment history. It can be provided to companies by one of the four credit bureaus in the U.S. as designated by law. Usually, this information is only shared when credit is being extended, although this is not always the case.
A credit report is used to tell a potential creditor about your ability to repay your debts, based on past experiences. All credit reports are hosted in databases housed by the credit bureaus.
If you are one of the 210 million people in the U.S who has a student loan, credit card, mortgage or another type of loan, then you probably have a credit file, somewhere. The information gathered to create your credit file is garnered from the companies with which you have credit extended to you. Also, the government or legal system may provide information as well.
Whenever you apply for more credit, a credit report is usually created which contains all of this information from one of the four credit bureaus in the U.S. (Innovex, Experian, Equifax and TransUnion). There are quite a few other, smaller credit bureaus around the states; however, most credit granting agencies will only look at information from one of the big four.
There are several different kinds of credit reports that an agency can request about you:
- Consumer Credit Reports (what we have discussed
most of this article already);
- Property Manager Credit Reports: These reports are used by landlords to determine your credit history with regards to your rental payments, and are essentially the same report as the consumer credit report.
- Business Credit Reports: These reports are used by credit agencies to determine if a business is credit worthy. Information gathered can include company background, number of employees, estimated yearly sales, public records, payment trends and how the company compares to others in the same industry.
- Employer Credit Reports: These reports are similar to the consumer credit reports, but are used in addition, and include such information as employment history, education, criminal records checks, and motor vehicle registration and history.
- Mortgage Broker Credit Reports: These credit reports are quite different than the others, as they bring together information from more than one database at a time. These are used to determine if a client is a good credit granting risk for a mortgage, and can include information such as your name, living situation, and employment and educational history.
Credit bureaus collect information about the people who have credit, and then maintain that information for any reports as discussed above. Although credit bureaus are not affiliated with the government, they are strictly regulated to protect the privacy of credit issuers, granters and consumers.
About the Author
For more more information about credit reports please visit http://www.moneytipsdaily.com/Money-Tips/Keep-Your-Credit-History-Clean-Remove-A-Negative-Credit-Record-From-Credit-Report.html
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| Credit - Wikipedia, the free encyclopedia |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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