Credit report - its all about your credit history

Credit report is nothing but the reflection of ones creditworthiness. It is very important for a person to maintain a good credit report so as to get a loan, job etc. This article gives you more information in relation to credit score:

1. What is the importance of credit reports?
2. Which are the three credit bureaus?
3. What is a credit score and how it works?

Your credit report is essentially a history of your finances. Specifically, it is a record of your past loans, debts and repayments. Credit reports are compiled by companies called credit bureaus. You may not know much about your credit report or even consider it on a daily basis, but the information contained in the report can affect your daily life more than you think. Although you will never get a copy of your report unless you ask to see it, companies you do business with look at your credit report sometimes - and based on what they see there, they may make decisions about your loans, your credit cards, or even your job. If you wish to lead a financially secure life, you need to get to know your credit report well.

How is a Credit Report Compiled?

Credit bureaus use information from client or partner companies to compile reports. These partner companies can include businesses such as utility companies or credit card companies. As soon as you open a bank account or have bills in your name, you will have a credit report file in at least one credit bureau. If you are late with your payments or have an overdraft on your bank account, the companies you do business with will call the credit bureau they are partnered with to report the problem. When you are reported as being late with a bill or are reported as not having paid a bill, the incident counts as a ding on your credit report.

Your credit reports includes many items, including how many loans or credit services you have and how much money you owe. Any bills that are unpaid or late are also recorded on your report. Your report also contains accounts of what types of debt or loans you have, any bankruptcies you have filed in the past ten years, and any loans or debts you have defaulted on. Your age, income, and gender do not count towards your credit report or score. Credit bureaus do not take note whether you are wealthy or not - they are concerned with recording how well you handle the money from the loans and financial obligations you do have.

Who Creates Your Credit Report?

There are several credit bureaus listed in your Yellow Pages. However, the three major bureaus in the United States are:

Equifax Credit Information Services, Inc

Address: P.O. Box 740241
Atlanta, GA 30374
Tel.: 1_888_766_0008
www.equifax.com

TransUnion LLC Consumer Disclosure Center

Address: P.O. Box 1000
Chester, PA 19022
Tel.: 1_800_888_4213
www.tuc.com

Experian National Consumer Assistance Center

Address: PO Box 2002
Allen, TX 75013
Tel.: 1_888_397_3742
www.experian.com Continue to: What about Credit Scores?