A credit report stores information pertaining to your financial position. It stores and presents information ranging from your credit to bill repayment record to the position of your credit accounts. A credit report is prepared by these credit bureaus: Equifax, TransUnion and Experian.
What aspects of my financial life does a credit report cover and store?
Here are some aspects of your financial life your credit report covers and stores:
- How frequent you make timely bill payments
- How much credit is at your disposal
- The total credit you are currently utilizing
- Information on your credit accounts
- Information about any credit card you are using
- Money you owe to bill collectors and whether they are collecting the amount
- Rent payment information if you are using a property on rent
- Information on bankruptcies if any
- Information on public records like court judgments that give a peek into your monetary status and debts
- Debts that are overdue
- Credit inquiries you made during the last five years
- Your present address
- Information on whether you have been arrested or litigated
Who uses my credit report information?
Your credit report is used by companies you have monetary dealings with, such as mortgage financiers, financial institutions, banks, utility providers, and your potential employer to mention a few.
For instance, you may ask a bank for a loan to start your business or may apply for gas account with a utility company. The companies you approach would get a copy of your credit report from one of the bureaus to check your credit worthiness. They would use the credit report information to decide whether you are suitable for a business loan or a gas account.
How can I obtain a copy of my credit report?
You can obtain a copy of your credit report by making a request online. It is always wise to get a copy of your credit report of your credit report prior to approaching a financial institution for loan or credit card or a utility company for opening account.