Credit Faqs

The credit report is generally used by financial institutions to determine whether you have a history that could indicate that you could be a credit risk. The report is not just used for loans but also employment, insurance payment levels, renting and even used in relationships. It is very important to ensure that your credit report is accurate and that you make financial decisions with the potential impact on your credit report in mind.

You can obtain a copy of your credit report for free once per year from many websites providing this service. Your report will containing your credit history of borrowing money, whether you have made your payments on time, the amount of debt that you have, the length of time you have had credit and the variety of accounts that you have. Often you will find that your credit report contains inaccuracies and you need to ensure that you have these corrected. These inaccuracies could lower your overall score with the net effect of costing you thousands of dollars in higher interest rates, higher premiums and missed employment opportunities. It could also affect your future relationships where any possible partners can also access your credit file. The report is in some ways a personal profile of your character, it is an indication on whether you can be trusted to meet your commitments. The details on your file is held for 7 years and in that time if you are late for a payment from 30 to 90 days then that will be recorded.

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Article Source: What to Consider with Your Credit Report