How healthy is your credit?




Credit Report Facts

Nowadays, people of all ages seek loans to meet their requirements. A youngster needs student loan to pay the education fees, an adult obtains a loan to buy a car, and a senior citizen requires a loan to buy a small new home. So, how do these people manage to get a loan? Well, the fact is that they will not obtain the loan amount until they apply for it and that the lenders will not grant it without verifying their credit status. Moreover, today’s time is such that nobody can trust anybody when it comes to fulfilling the debts. So, the lenders have to be convinced that the loan taker is capable of repaying the loan. How is this done? Well, these creditors seek the borrower’s credit report.

What is a Credit Report

A credit report refers to a record of your credit actions, financial liabilities, and payment details. In addition, it also reveals about delayed or missed payments and the lenders that have a copy of your report.

Who Prepares a Credit Report

Consumer Reporting Agency (CRA) or a Credit Bureau is authorized to prepare your credit report. It does so by collecting all the required information from public sources and storing it in a big database. When you or a lender asks for a credit report, it charges a fee for the same. On the national level, there are three major CRAs namely, Experian, Equifax, and TransUnion, which regulate smaller bureaus in the local markets.

What is the Need to Obtain a Credit Report

In case you want to apply for a loan or credit card or make other such financial transactions, it is essential to have a copy of your credit report. This will make you ensure that the report has the correct information for the lenders so that you do not have to face unexpected outcomes or decisions later.

How to Get a Free Credit Report

You are entitled to get a free credit report after every 12 months from the above-mentioned nationwide CRAs. For this, you will need to give your personal basic information. It is advisable to obtain the copies from all three of them, as the information from each bureau will differ. In case you find that the credit details are not accurate and that you are not treated fairly by your lender, you can approach the agency instantly and rectify the data immediately, as not doing so will spoil your image for at least seven years.

How to Rectify an Error on Credit Report

All you have to do is contact the CRA instantly and inform it about the error. It will then take some 45 days to prepare a rectified report that will be re-sent to you or lenders that you mention.

How Long the Information Stays On My Credit Report

Irrespective of whether it is good or bad, the credit report information remains for seven years. However, in case of personal bankruptcy, it lasts for 10 years.

Who Can View My Credit Report

Requestors such as your employers, creditors, insurers, federal jury, government agencies, and any legitimate person such as a landlord can view your report given by a CRA.

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