Credit Report

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Credit Report

A credit report shows your financial history, which means it shows if you pay on time, default on loans, have ever filed bankruptcy, etc... A credit report is the very first thing that lenders look at when you apply for a loan or a credit card. Your credit report is the deciding factor as to whether you can qualify for a home loan and what interest rate you will have to pay.

When you first look at your credit report you may be very confused. You can earn points from each major credit bureau that keeps a record of your credit history, which are Experian, Trans Union and Equifax.

At one time, all three credit bureaus had their own scoring system and could be quite different; today however, this may not be the case.

How much you earn monthly or annually does not affect your credit report. You could be a millionaire but have bankruptcies or other bad credit show up on your credit report that could look bad and cause you problems with your credit.

There are errors on many credit reports and several individuals never realize they have bad credit or errors until they apply for a credit card or loan. Then they find all these problems and do not know where to turn. The best thing to do is to ask for a copy of your credit report at least once a year so you can handle any problems that may be there before it is too late.