Credit Report Rating- How Is Your Financial Health?

Your physical health as well as your family and friends is probably the most important of your life concerns. Assuming everyone is healthy physically, you should tend to your financial health. Is it poor, fair, average, or excellent? How do you know?

This article will provide you with information on where you can obtain your credit report rating, how much it costs, how many times you can or need to review your report, and what the information on the report tells you as well as your lender. 

If you're already aware of what your credit score is and would like assistance from a professional credit repair agency, then please read the information at the end of this article to find out how you can get a FREE Credit Analysis today!

What Is A Credit Report?

Your financial health begins with your credit report. A consumer credit report is, very basically, a way to allow lenders to loan you money without knowing you from Adam.  Credit reports are purchased by lenders from credit bureaus when you apply for credit (a mortgage loan,auto loan, credit card, etc.).

Your credit report typically contains the following information:

• identifying information -about you such as your full name, any nicknames, any alias', social security number, current and previous addresses, and employers. 
• public record information -bankruptcies, liens, overdue child support, and legal judgements  
• credit history -type of credit, date opened, amount, amount due, and payment history (how many times you were 30-, 60-, or 90+- days late making payments; and
• inquiry information- a list of anyone acquiring your credit report over the last 2 years.

Thanks to the FACT Act you are entitled to a free credit report.  Find out how you can get yours!

Who Can See Your Credit File?

As defined in Section 604 of the Fair Credit Reporting Act (FCRA) only businesses or individuals with a "permissible purpose" can access your credit report.  Some examples of permissible purpose include a potential employer, a government agency issuing a license, or a creditor due to a credit request (application) from you --mortgage lender, department store, or apartment leasing manager.

Bad Credit -How Long Does Stay on My Credit Report?

Accurate negative information generally can be reported for seven years, but there are exceptions:

• Bankruptcy information can be reported for 10 years;
• Information reported because of an application for a job with a salary of more than $75,000 has no time limitation.
• Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation;
• Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; and
• Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions.
• Tax liens remain for 7 years after the date PAID.

The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account.

The length of time a positive mark can stay on your credit report is FOREVER.

What Types of Things Should I Review?

As you review your credit report be sure to verify the accuracy of your identifying information, the accounts listed and the dates of activity. Also, be sure each account was actually your account. Then look at each entry and check to be sure all information is correct, particularly the on-time payment history and current balances. While you're at it, see if there are any accounts listed as still open that you no longer use; be sure to close them out, as all open credit lines are considered when applying for new credit. You'll need to contact each creditor to request an account be closed.

Conclusion:

I hope this article has given you a good idea of what to look for on your credit report and helps you dispute inaccuracies that helped contribute or completely create your bad credit report rating.

Free Credit Analysis

You may also wish to read the following related articles:

Credit Report Disputes - You Can Dispute Some Things
How Do You Add A Fraud Alert To Your Credit Report?
Beware of the "Phish"ermen
One in Four Credit Reports Contains Errors...