Credit Report
Accurate Identification is Important
In this age of identify theft, accuracy of personal information is all the more essential. A credit report opens with simple, but all-important facts about you. Your name, current address, date of birth, and Social Security number, are the usual identifiers.
Other information consists of historical data, such as, previous addresses, and current and previous employers. All legal actions in the public records are also included: bankruptcy, and liens or judgments. Finally, and most important, comes your payment history.
Most Important Factor in Your Credit Report
Potential lenders and creditors make a credit check to see if you have missed payments, or have a pattern of making late payments. All bills are important when it comes to your credit report. If you have a record of inconsistent payments, a lender may reject your application for a loan for that new car.
Creditors also look at your payment history to see if you carry high balances, or are overextending yourself financially. In fact, inquiries from creditors are included in your credit report. If you have a lot of credit cards, or have only a few with high balances, a creditor will react negatively. Lenders evaluate your credit risk based on the information in your credit report. Maintain a good payment record and make sure your credit report is accurate.
