Making Sense of the Information in Your Credit Report

If you've ever applied for a credit card or loan, you've probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you.

Even if you're not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.

You can request copies of your report from the three major credit bureaus: Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit Reporting Act requires each of these national consumer reporting companies to provide you with a yearly free copy of your credit report upon your request.

Basically, your credit report is a summary of how you pay your bills; repay loans; how much credit you have available; what your monthly debts are; and other types of information that can help a prospective lender decide if you are a good credit risk.

Your credit report is made up of several sections. The first section contains personal identifying information such as your name, current and previous addresses, social security number, telephone number, birth date, and your current and previous employers.

Your bill paying history with banks, retail stores, finance companies, mortgage companies, and others who have granted you credit is one of the most important parts of your credit report.

Public records that might indicate your credit worthiness, such as tax liens, court judgments, and bankruptcies are also included in the section detailing your credit history.

Your credit report includes a comprehensive listing of all credit granters and other individuals who have received a copy of your credit report. In addition, lists of companies that have received your name and address in order to offer you credit are also included in your credit report.

Most credit bureaus allow both the consumer and the creditor to make statements if there is a dispute about something on the report. If applicable, your credit report will include these dispute statements.

Your credit report does not include bank account balances, race, religion, health, criminal records, driving records, or annual income. You've probably heard about a FICO credit score as well. Credit scores are based on formulas that use the information in your report, but they're not considered part of your credit report.

Problems with your credit report will result in you either being denied credit or receiving a higher interest rate. Red flags on your credit report include excessive applications for additional credit, a short credit history, a high debt ratio, and late payments to previous creditors.

In most cases, negative information will stay on your report for seven years. However, bankruptcy information stays on your credit report for ten years.

To help improve your credit report, always remember to close unused accounts, pay your bills on time, never use all of your available credit, and don't apply for unnecessary credit.

Copyright (c)2005 by Michael Ambrosio. You may publish this article on your site or in your newsletter provided this resource box remains in tact. Michael Ambrosio is the author of many credit related articles. Visit his website today: http://www.yourcreditandyou.com and rebuild your credit.

---

Google News Updated : Fri, 04 Jul 2008 18:53:55 GMT Madge Kabbalah'd A-Rod into Submission - TMZ.com ABC News Madge Kabbalah'd A-Rod into Submission TMZ.com - 6 hours ago Madonna is using "mind control" through the power of Kabbalah to mesmerize A-Rod into making him her boytoy, according to friends of his wife. A-Rod's wife tells pals she believes Madonna lured Yank with kabbalah New York Daily News Kabbalah Kool-Aid: Madonna's 'soulmate' to divorce Monsters and Critics.com Reuters - ABC News - E! Online all 1,426 news articles Publ.Date : Fri, 04 Jul 2008 12:49:58 GMT Borowski designated for assignment - MLB.com TSN.ca Borowski designated for assignment MLB.com - 1 hour ago By Anthony Castrovince / MLB.com Looking to repair their battered bullpen and get a better read on what the future holds, the Indians designated the veteran Borowski for assignment on Friday. Indians designate RHP Joe Borowski for assignment The Associated Press New closer alert! Borowski out in Cleveland SportingNews.com National Post - Most Valuable Network - The Plain Dealer - cleveland.com - WANE all 141 news articles Publ.Date : Fri, 04 Jul 2008 16:59:25 GMT Obama remarks on Iraq prompts flip-flop charge - CNN Times Online Obama remarks on Iraq prompts flip-flop charge CNN - 2 hours ago (CNN) -- Sen. John McCain's campaign again called Sen. Barack Obama a flip-flopper after the Democratic candidate held a do-over news conference to clarify his remarks on the Iraq war. Analysis: Obama's shifts to center give GOP ammo The Associated Press Obama Fuels Pullout Debate With Remarks New York Times WCTV - Monsters and Critics.com - Los Angeles Times - ABC News all 1,014 news articles Publ.Date : Fri, 04 Jul 2008 16:23:39 GMT Flames descend canyons in Santa Barbara Co. fire - San Jose Mercury News Reuters South Africa Flames descend canyons in Santa Barbara Co. fire San Jose Mercury News - 41 minutes ago AP GOLETA - A fast-moving wildfire fueled by Santa Barbara County's notorious "sundowner" winds consumed about a half-dozen outbuildings overnight, but firefighters were able to save hundreds of homes from intense flames in the pre-dawn hours, ... Firefighters hold line on two California wildfires Reuters Goleta fire doubles in size overnight Los Angeles Times Bloomberg - CNN International - San Diego Union Tribune - The Santa Barbara Independent all 399 news articles Publ.Date : Fri, 04 Jul 2008 18:12:01 GMT Chance discovery points to crib death cause - Reuters ChattahBox Chance discovery points to crib death cause Reuters - 21 hours ago By Michael Kahn LONDON (Reuters) - An imbalance of a key brain chemical could cause crib death, researchers said on Thursday in what they called a chance discovery. SIDS Linked to Brain Chemical Dysfunction Washington Post Brain imbalance 'cot death key' BBC News InjuryBoard.com - Los Angeles Times - WebMD - The Associated Press all 229 news articles Publ.Date : Thu, 03 Jul 2008 20:59:03 GMT Christina Applegate's Boyfriend Found Dead - FOXNews NEWS.com.au Christina Applegate's Boyfriend Found Dead FOXNews - 3 hours ago AP LOS ANGELES - "Married With Children" star Christina Applegate’s boyfriend was found dead in his apartment on Tuesday, FOX News has learned. Lee Grivas, Christina Applegate's Boyfriend, Found Dead Associated Content Christina Applegate's sometime boyfriend, Lee Grivas, found dead New York Daily News E! Online - Los Angeles Times - TheCelebrityCafe.com - TMZ.com all 112 news articles Publ.Date : Fri, 04 Jul 2008 15:22:05 GMT Mosquito disease risk isn’t higher - Milwaukee Journal Sentinel NY1 Mosquito disease risk isn’t higher Milwaukee Journal Sentinel - 15 hours ago By JEANNINE AQUINO The swarms of mosquitoes spawned by warm weather and lingering floodwaters in Wisconsin are more blood-sucking nuisance than medical peril, health officials said Thursday. West Nile Spreads Due to Flooding, Threatens 4th of July Celebrations eFluxMedia Mosquito district warns: Watch out for West Nile Virus Sacramento Bee WJBF-TV - IdahoStatesman.com - phillyBurbs.com - Atlanta Journal Constitution all 431 news articles Publ.Date : Fri, 04 Jul 2008 03:43:41 GMT RSS2Blog Add RSS Feeds to My Website

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

Warning: Todays Non Profit Credit Counselors Are Yesterdays Bill Collectors!

Here's a dirty secret, today's "non profit credit counselors" are... Read More

How Businesss Mess Up Their Credit Policies

In "Become the Squeaky Wheel" a book recently published, Michelle... Read More

Are you paying higher interest on your credit cards than you think?

Many credit card holders sign up for a credit account... Read More

Harassment of People in Debt by Creditors

HarassmentHarassment of people in debt by creditors or their agents... Read More

Identity Theft - Dont Think You Are Immune

As identity theft becomes more prevalent, the need to regularly... Read More

7 Ways To Squash Identity Theft

It is the scourge of our age: identity theft. Thieves... Read More

Good Credit is King, When Qualifying for Mortgage Programs

If you want to purchase a new home or refinance... Read More

How To Choose A Credit Card

Your credit score may just be a little number, but... Read More

Finance - Money, Money

Finance is a big word for some of us. It's... Read More

Why Does Your Credit Card Rate Keep Going Up?

Have your read your credit card contract through completely? Do... Read More

What You Need to Know about Debt Negotiation on Credit Cards

Debt negotiation on credit cards is often referred to as... Read More

Secured Credit Cards- Consumer Tips

Whether you have no credit or damaged credit, secured credit... Read More

Myths and Truth about Credit Scoring

Credit score is the key factor determining approval of almost... Read More

How To Avoid Becoming A Victim of Identity Theft

With identity theft statistics currently at an all time high,... Read More

What is the Check 21 Act?

Check 21 is the common name for the Check Clearing... Read More

New Credit Advice: Dont Pay off Those Credit Cards!

Credit needed for real estate mortgage financing differs from credit... Read More

Is Your Credit Score Being Held Against You?

Credit Scores That HurtIs your credit score being held against... Read More

Do you Know the Benefits of Checking your Credit Report?

Do you know why you should check your credit report?Of... Read More

The Easy Way To Gain Access To Your Free Online Credit Report

When you apply for credit, those lending you the money... Read More

5 Ways To Raise Credit Score

It's not as hard as you think to raise credit... Read More

It Is In Your Best Interest To Do The Math On Your Credit Card Interest

If you begin foaming at the mouth once a month... Read More

Credit Cards or Store Cards - Which Is Better?

Introduction In this article, a presentation is made of the... Read More

Will Inquiries Lower Your Credit Score?

What are inquiries?When you apply for credit the creditor or... Read More

Repair Your Credit - The Right Way!

How to Repair a Bad Credit Rating?The Right Way!If you... Read More

What Is A Credit Report?

Even if you have heard of a credit report, you... Read More