Credit Reports
* A credit report is a record of how you have paid your credit card debt and other credits.
* Indicate if you paid on time or their bills, the amount of money you owe to your creditors, and if you have loans outstanding that have not paid.
* Credit reports are compiled by three major agencies in this area: Equifax, Experian and TransUnion.
* Check your credit report at least once a year and especially before making a major purchase (like a house or a car), or to start a business.
Review the four types of information found on your credit report:
1. Identification Information: Your name, address, Social Security number, date of birth and employment information.
2. Commercial Lines: These are your credit accounts. Lenders report on each account you have established with them. Also report the type of account (credit card, car loan, mortgage, etc..), The date you opened your account, your credit limit or loan amount, the account balance and payment history.
3. Consultations: The inquiries section contains a list of all those who have accessed your credit report over the past two years. The report you see has a list of the consultations both “voluntary”, prompted by their own applications for credit, as “involuntary” when lenders order your report to make an offer pre-approved credit by mail.
4. Items of public record and collection: The information in public records including bankruptcies, foreclosures, lawsuits, wage garnishments, liens, and judgments. Also included is information on arrears provided by collection agencies.