What's Inside Your Credit Report

Posted on 2:59 PM | By Smart Wealth Advisory | In

Your credit report will maintain the following information:

* Your current outstanding debt
* Places and the number of times you have applied for credit
* The kind of credit you have taken out in the past
* Late payments in 30, 60, and 90 day increments
* Over extension of your credit lines
* Liens
* Garnishments
* Bankruptcy

Credit bureaus report negative information for seven years and bankruptcy information for ten.

Who Has Access?

By signed authorization through an application or other contractual agreement, the following parties may gain access to your report:

* Banks, credit unions, finance companies, other lenders
* Retailers, department stores, credit card companies.
* Landlords, utility companies, phone companies.
* Hospitals, doctors, dentists, insurance companies.
* Car dealers, mortgagers.
* Investigators, lawyers, courts.
* Any party who can offer just cause and/or has access as a member of a credit reporting agency.

Why Check Your Report?

* To avoid paying higher interest rates
on your car and home mortgage if your credit report shows some questionable activity.

Did you also know that you may be charged higher premiums on insurance if you have questionable credit?

And you also might be surprised that many employers run credit checks on potential job applicants and/or for promotions.

Your goal is to ensure that your credit report reflects accurately your credit and financial management skills.

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