Online or Offline, Your Credit Report Can Shape Your Future
A Credit Article Contributed by Cathy Wilson
Online Credit Reports Make It Easier to See What's up in Your Debt Life.
Your credit report exists both online and offline in the databases of various businesses whose business it is to keep track of the financial status of you and millions of your fellow Americans. These businesses include:
If you've ever applied for a new credit card, filled out an application for a loan to buy a house or car, or sought additional credit to make a large purchase, then you've probably had your credit report reviewed by the lender. If your credit report says you don't pay your bills or that you have a lot of debt, you may not get your loan, or you MAY get it but then pay a higher interest rate. You should make sure that your credit report is true to the facts.
The quickest way to get your hands on your credit report to find out what's up is to order a credit report online. Many of the promotions for these online credit reports say that they are free, but they require an optional subscription to their annual service, including entering a credit card number to subtract a somewhat hefty annual fee for the service.
If you should decide to try an online credit report service such as this, for heaven's sake be sure to inactivate it before the fee comes out! It is a high price to pay for a single view of your credit report, especially when you can get it at a nominal price from the above companies.
What's in Your Online Credit Report?
Your credit report contains all the information there is about how you pay your bills and repay loans, how much credit you have available, what your monthly debts are, and other stuff that can help cell phone companies, credit card suppliers, automobile dealerships and other such companies decide whether you are a good credit risk or a bad credit risk.
Your online credit report doesn't exactly say whether you ARE a good or bad risk> It just lists the information and lets lenders decide for themselves. Credit bureaus, also called credit reporting agencies, collect YOUR info from credit card companies, places where you've established an account, lenders, landlords, and so on, and then sell the report to businesses you are applying to for credit. Depending on what information the lender or supplier of the cell phone needs, the credit report can help them make the decision to lend to you.
What Your Online Credit Report Will Contain
Personal information: name, address (current and previous), social security number, telephone number, Bill paying history with banks, stores, finance companies, mortgage companies, and others who have given you credit. It tells about each of your accounts, including when it was opened, what type of account it is, how much credit it includes (or the amount of the loan), what your monthly payment is, things like that. If you've closed the account or the loan has been paid off, then that information shows up as well. If there were missed or late payments, it shows too.
Public records include your tax liens, court judgments, and bankruptcies.
Report inquiries include all lenders who have received a copy of your credit report. It also includes any others who might have viewed it. In addition, companies that have offered you credit are included. This is where all of those "pre-approved" credit card offers come from.
Dispute statements about when you've disputed a charge or report.
'tis Good to Know Via Your Online Credit Report
It's always a temptation to avoid seeing your credit report, to avoid stress. But knowledge is a powerful thing. Take the plunge and order your online credit report if you haven't done so. In this way you can begin to take charge of your financial life.
