Understanding Your Credit Report
There are three U.S. Credit Bureaus. They collect credit information from the following creditors:
*Bank
*Credit Card Unions
*Mortgage Lenders
*Collection Agencies
*Public Court Records
All electronic information about you is gathered from these sources. It is then compiled into a credit report. The report usually has two credit histories made up of your previous and current ones. Lenders can then access these credit reports. They will get a better understanding of whether your qualified or a risky candidate. Credit reports are dynamic; they change when a lender updates your information. These changes provide an impact on your scores.
What Is a Credit Score?
A credit score is numbered between 300 and 900. Your credit score will help lenders determine the risk of providing credit. This helps them evaluate your repaying capacity. It will also determine the type of loans that you'll be given and the interest rate you will pay. Be it for an automotive or a housing loan.
How Do I Get a Copy?
Everyone is entitled to a credit report every 12 months. You can get them on the website of the Annual Credit Report. All you need to do is follow the instructions there.
What Are the Types of Information Included in a Credit Report?
The credit report starts with your personal identity information:
*Name
*Date of Birth
*Current and Previous Address
*Social Security Number
*Listed Phone Numbers
*Employer Information
This personal information is used to find your file when a lender requests your credit report. Don’t be alarmed! All the information mentioned here will not affect your credit score. However, check for misspellings as these could be a sign of identity theft. Should you see signs of identity theft, act quickly and get aid from an identity thief attorney.
Your report also contains information on public records the court collects on bankruptcy. If you have an unpaid bill that has been turned over to a collection agency, this will likely show on the report. Importantly, identity theft attorney it will feature your various credit accounts:
*Credit Cards
*Car Loans
*Mortgages
*Retail Accounts
*Student Loans
*Account Balances
*Names of All Creditors
*Collection Items and Accounts
*Credit Limits and Amounts
*Account Payment History
Lastly, the credit report contains those who have accessed your file. There are many types of inquiries, they could be:
*Promotional Inquiries
*Consumer Disclosures
*Credit Application Inquiries
Again, if you see errors in your credit report, you must immediately report them to the company in which the transaction came from and the credit bureaus. You can contact an identity theft attorney to represent you should none of the entities you contacted acted upon your request. If you need professional help, call Baneylaw, P.C. Bankruptcy and Consumer Law. They will help you resolve your identity theft cases and restore your credit identity theft lawyer history in the process.