The Super Secrets of Credit
The Super Secrets of Credit – Credit Report – its Effect on Your Personal Credit
Lots of people have been denied loans, credit cards or other forms of credit because of inaccurate information the lenders find in their credit report.
Before banks or any other financial institution grant your application for loan, they will first find out about your credit history from bureau by requesting for your credit report.
A credit report is a compilation of your credit history, past financial transactions and personal information possible. This report is usually compiled by accredited agencies known as credit reporting agencies.
Credit reporting agencies are organizations that help credit card companies, loan companies, banks, and departmental stores in the country to ascertain the credit worthiness of there would be
clients. They provide these companies with information about those who have good credit risk and those who do not.
They receive most information about consumers from loan companies, credit card companies, banks, credit and lending sources. In this report you will be information on your occupation, place of employment, residence record, court and arrest records, income status, details on payment of your past and present bills and loans.
Once they have detailed information from these sources, they give it to any organizations in need of it when requested. Though they keep on file information concerning you and your credit, they don’t make final judgments as to your credit worthiness. The decision is up to the credit card companies or any lender which you are dealing with.
The credit score is used by banks, credit card companies, loan lenders and other financial companies to determine your credit worthiness.
As a matter of fact, most lenders often based their charges on information in your credit report. Also, some employers often consider few information in your credit report before they employ you. If you have severe financial problems some will find it difficult to employ you.
Whenever you apply for a new credit card, loan or any form of credit from any source’s lenders will base their acceptance or rejection of your application on your personal credit report. If your credit report shows you’ve been reliable in the past, then you will most likely get the credit card or loan you apply for.
However, if you have in one way or the other defaulted on a particular account or you were constantly late in making payments, it will likely be impossible for you to get the credit you applied for.
While compiling your report the agency or financial institution that’s giving them the information may make mistakes and give inaccurate information about your credit. If you did not dispute this error and demand necessary changes, they will leave it in your report.
You can imagine the possible effects on your life in the future. Because of this, it’s very important that you check your report at least once a year.
In order to be able to check your report for possible inaccurate information you have to request a copy of your report. You can get a copy of this report from the credit bureau because it’s your personal credit file and you have an absolute right to know what is in it.
You have a right to know the exact information they are giving out concerning your name and creditworthiness. If the report is not good enough or you can prove to yourself that it’s all about your past, you can change it. You can build your new credit worthiness. It’s possible.
Regards, Coyalita
Behavioral Health Rehabilitative Specialist & Addiction Counselor
Copyright © 2021-2023 Thresholdlivecoyalita.com All Rights Reserved
Privacy Policy – Earnings Disclaimer – Terms of Use – Contact Us
