Last Updated On : 06/23/2017

All the facts you need to know about credit reports: credit ratings and credit score, how to get a copy if it and everything else

Most people nowadays finance their homes with mortgages or even buy cars on loans. Youngsters obtain student loan to pay their college fees and often people buy their necessities by using their credit cards. So how does this all function? You don’t receive credit until you apply for it and all those who lend you money will not grant without verifying your data. Today these creditors rely on your credit report.

A credit report is a record of your credit activities and it lists all your financial liabilities as well as your payment details. It also shows any action that has been taken against you due to your delayed payments.

Credit Report and its details

CRA consumer reporting agency is a company that gathers all the information and then stores it in a giant database and charges a fee for supplying this information. There are three major bureaus that operate nationwide as well as smaller companies serving the local markets.

Credit Rating

Credit rating is drawn from your credit report and it outlines your borrowing, repayment as well as charging activities. Hence a good rating helps you reach your financial goals while a poor rating can block your future financial transactions.

Who is permitted to see your Credit Report?

Credit bureau is an authorized organization that provides information to the requestors such as 1) creditors who are granting you credit 2) employers who are employing you 3) insurers who are giving you an insurance policy 4) government agencies who wish to review your financial status 5) or any legitimate person who seeks the information for example a potential landlord. Credit bureaus can also furnish the records if asked by the court or by the federal jury subpoenas.

Why should i obtain a copy of the credit report?

To avoid surprises you should always have your credit report, as it’s an important document for any financial transactions such as loan or even to apply for credit cards.

Error correction of your Credit Report

If you detect an error in your credit report you must immediately contact the credit-reporting agency. This process takes about 45 days and then a rectified report will be sent to you or to those parties whom you specify.

Duration of the information in your Credit Report

Generally your credit information whether good or bad remains in your credit report for a period of seven years and if you file for personal bankruptcy then the information remains for 10 years.

How to get a copy of the credit report?

Every 12 months you are entitled for a free Credit Report copy from each of the nationwide consumer-rating agency such as the TransUnion, Equifax and Experian. To process the information you will have to provide your personal basic information. The content of each bureau will be different so it’s best if you request copies from each one.

If you are not satisfied with your credit details and you feel that you are not being treated fairly by your creditor then you should contact the agency and rectify it immediately otherwise it can hurt your credit report for seven years.

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