Your Credit Report

What exactly is a credit report, you might ask? A credit report is a complete record of all of your credit activities. It contains a list of any credit cards you may hold, loans you may have taken out, how much your monthly payments are and any actions taken against you for any unpaid bills you may have accumulated over the years. Your credit report comes from a consumer reporting agency (CRA). The CRA gathers and sells your credit information to anyone who wants to view it, for example if you were applying for a credit card, the credit card company will be able to view your credit history and score to see if you are eligible for the credit limit of the card. You're probably wonder who exactly can view your credit report. Credit bureaus can offer your credit report to creditors who are considering to grant you credit, insurance companies, government agencies and just about anyone who has a legitimate business that may need your credit report information such as a landlord or an employer. A credit rating is what is drawn from your credit report, which gives you a detailed outline of what you've borrowed, charged to accounts, and repaid so far. If you have a poor credit rating,

you will be limited to what you can do credit wise. If you have a good credit rating, you will have an easier time getting approved for loans and credit cards. There are many credit reporting agencies out there that give you a detailed look at your credit history. Keeping your credit reports and score in check can help you in purchasing a house, a car, or even a bank loan. In the past when you wanted to take out a loan, the lender would have to call each and every creditor that you placed on your application before they would even think about granting you a credit line. Now days, they rely strictly on your credit reports and this makes it extremely important to know what yours contains.