The value of a Credit Report and the information it contains.

Whenever one applies for a loan or some other funding, he or she is expected to provide a CREDIT REPORT. This is a report that shows one’s credit activities over time. It shows all debts owed in the form of credit cards and other loans as well as the amount and regularity of payments made. Indicated in this report is also a list of any actions taken against the person due to unpaid bills. A CREDIT REPORT is produced by companies that do the work of gathering the information needed and then selling that information to consumer reporting agencies. A credit bureau is an example of one such company. The three main credit bureaus in the US include Equifax, Experian and Trans Union. However, there are many smaller ones that serve local markets. The information gathered into a CREDIT REPORT is then used to rate the person to whom it pertains. The rating given to the person determines whether their borrowing or financial opportunities will be limited or not. If the credit score is low, the person will have some limitations getting financing, but if the score is good, he or she has many opportunities for borrowing and financing their dreams. The CREDIT REPORT has much influence in one’s ability to purchase a home and in some cases even getting a job. The CREDIT FEDERAL union also looks at this report to determine whether or not they should finance people eligible for their services. It is therefore essential that one guard their score jealously ensuring that bills and loans are paid back on time.

The only people permitted to have the information on one’s CREDIT REPORT, other than the person himself are creditors who may be considering the person for some form or credit and insurers when reviewing current policies or considering the person for coverage. Another group of people that may access one’s CREDIT REPORT include employers when considering a promotion, retention, reassignment or employment of an individual. Government agencies may have access to the report when assigning benefits and finally, any organization that may have a need for that information legally may have it, such as a landlord. In addition, if a court requires it, the bureau may present one’s CREDIT REPORT and if one requests in writing, his or her report may be given to a third party. The report holds identifying information like names and social security number. It also carries one’s credit information like accounts held and with which banks, credit cards, lenders, utility companies, student loans and mortgages.

Other information that is available in the CREDIT REPORT includes public record information such as monetary judgments and bankruptcy. A record of the names of people or organizations that have recently obtained a copy of the report is also provided. This would also include the CREDIT FEDERAL union. Ensuring that the information on the CREDIT REPORT is accurate will go a long way in increasing one’s credit score and ability to get financing.