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What is Contained in a Credit Report

Everyone that has ever taken out credit will have a credit report. These reports are available from a number of companies,  most of them want you to purchase the report but there are companies that do provide free reports. To get an idea of what a credit report looks like these three companies Equifax, Trans Union and Experian offer these for free.

A credit point is a freeze frame of your financial history at a particular point in time. The report lists out a factual history of your financial management and is used by companies providing credit to determine what will be your financial management when you are repaying debt to them. The report can also be used by many other people to determine whether you make payments on time, this would be use for a landlord who is considering an application from a potential new tenant.

Credit reports obtain their information from a variety of sources, most of the information is recorded by financial companies. The credit reports contains limited personal information about you that is specific, it does not include any behavioral information such as whether you like to drink rum and coke and dance all night. It will list your name, current  and previous  addresses, social security number, employment history and date of birth.

Details on your credit accounts will be listed that include who you owe money to, is this a loan just in your name or a joint loan with someone else, the balance of the loan, the original loan amount, the repayment history of being on time or late, how often you repay the loan (the loan payment schedule). Every time you make a credit enquiry that will be reported on the credit report. These enquires are classified into two categories, a soft inquiry and a hard inquiry. A soft inquiry is when a financial company offers you credit and a hard inquiry is when you make an application for credit.  If you have not been able to repay your loan and it has been sent to a debt collector, this will also be recorded on the report.  It is important that your credit report  is positive as it provides the initial information on whether someone will provide you with credit.

About the Author

Tom has been writing for many years now. Not only does this author specialize in financial matters, you can also check out his latest web site at http://rachaelrayreview.org/ which reviews and lists the best Rachael Ray Cookware for your kitchen.

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