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Credit Reports: Managing your credit history
By tima
Credit reports are used by financial companies to evaluate their customers for loans, mortgages, and other borrowings. They are also used by landlords, employers, and other interested parties to evaluate their clients. It is important to be aware of what is on your credit report so as not to face surprises in the future.
Government Free Credit Reports are mandatory to all consumers. Fair Credit Reporting Act (FCRA) has made it clear that it requires that U.S. consumers should have the right to get free credit report every year. The government has set its goal straight that consumers have the right to be informed, stand up against identity theft and should get a fair deal.
A credit report contains a history of your credit life: amounts borrowed, credit card dues, loans, payments, dates, periods, late payments, defaults, public records, and so on. This information can be used by a prospective lender or creditor to find out if you have defaulted on your loan payments, or credit card payments, and how regular you have been in paying back your dues.
A credit report also comes with a credit score - FICO score – that can range between 300 to 850. This comparative score shows in a nutshell where a consumer stands with respect to others in the overall soundness of his or her credit history.
The credit score, like the credit report, can be used by a prospective creditor or finance company to instantly judge and sanction a service. A high score may get you a low interest rate and save valuable money, whereas a very low score may even result in a denial of service.
There are three major credit bureaus that collect information from other companies about consumer credit history and provide a return feedback on any prospective client.
It is important to know whether your credit report contains any mistakes, errors, and adverse comments against your financial activities. Everyone is entitle to obtain a free credit report from any of the major credit bureaus, and one should go for the same.
For more information visit: free credit report
About the Author
The author is a freelance writer and associated with http://www.government-free-credit-report.net
Article Source: http://www.simplysearch4it.com/article/27332.html
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