| Author: Orson Jackson |
Whether you are planning to remodel a house, fund a college education or buy a new car, credit can play an important role in helping you get what you want out of life.
A snapshot of your credit activity and history can help you understand your financial position. You can get this information by reviewing your credit report on a regular basis. Your credit report contains information that is gathered on an ongoing basis from sources that have extended you credit. Lenders, landlords and other service providers purchase credit reports to help them make credit granting decisions such as approving an application for a loan, credit card or housing.
Check Your Credit
* Personal information. Compiled from credit applications you've completed, this information typically includes your name, current and former addresses, Social Security number, date of birth, and current and previous employers.
* Credit history. Your credit report contains details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card). Account details may include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and payment history.
* Inquiries. Credit reporting companies record an inquiry on your credit file whenever they provide your credit report to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years.
* Public records. Financially related matters of public record may also appear on your credit report. Obtained from government sources, these records include liens, bankruptcies, and overdue child support. Most public record information stays on your credit report for seven years. In addition, items that have been placed with a collection agency can be included on your credit report.
Know Your Score
A credit score is a rating used by a lender to help determine whether you qualify for that credit card, loan, or service you've been thinking of lately. A credit score is calculated using information from your credit report, and it is a key metric used by credit granting institutions to determine a consumer's credit worthiness. Knowing your score can be indispensable when applying for a loan or making a major purchase.
Plan for Your Future Today
Equifax offers a convenient way to review your credit history from all three national credit reporting companies with its 3-in-1 Credit Report with Score Power. Delivered in a single, easy-to-read format, this consolidated credit report contains important credit information that can help you negotiate with lenders. The format includes a line-by-line comparison of information reported by each credit reporting company. With Score Power, you gain instant access to your FICO credit score, the scoring model most widely used by lenders.
Prepare for your future now by taking control of your credit. |
Author Bio:
EDITOR??S NOTE: Judith Nasatir is a well-known writer and editor whose work has been published in numerous American and international publications about design, architecture and decorating. For more information, please contact Kelly Epley at (312) 951-8392 or kepley@clynch.com. - ARA |
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