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Credit Report Tutorial
Understanding Your Credit Reports
What is a credit report?
A credit report is a credit file that contains information about your credit history and is maintained by a credit bureau. Most people have three credit reports because there are 3 credit bureaus. The credit bureaus that can have a credit report on you are:
1) Equifax
2) TransUnion
3) Experian
Why Do You Have Credit Reports?
A credit file or credit report is established on you
when you apply for credit.
This Is How It Works.
1st) You apply for credit by filling out a credit
application.
2nd) The creditor or Lender contacts one of or all three of the credit bureaus to check your credit history.
3rd) During that time the credit bureau will ask the creditor to supply certain information about you in order to identify you. That information can be found in the application you filled out.
4th) That information is placed in your credit file.
That's how the three credit bureaus get your name, your social security number, your address, your date of birth and your place of employment.
At that time the credit bureaus establish a credit report on you.
The next time you apply for credit you will already have a credit file and all a creditor has to do is give the credit bureau your name and social security number and sometimes other information to receive a copy of your credit report.
What's In Your Credit File or Credit Report
In each report you will find:
- what companies have extended you credit
- the amount you owe
- your monthly payments
- your balance and
- how well you are paying.
In those reports there are personal information such as
- your name
- your social security number
- your address and
- your date of birth
Other information contained in a credit report are:
- public records and
- Inquiries
That's mostly what you will find on your credit reports.
Can I Get A Copy Of My Credit Reports
Yes you can get a copy of your credit reports and you should because your creditor might place some wrong credit information in your credit files. And you need to know about it so you can correct it.
Click Next Page to Learn How to Get Copies of Your Credit Report
Hi, I'm Abbie.
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