Personal Credit Report
The Truth About What Your Credit Report Really Reveals About You!

A personal credit report! The information in your credit file is obtained directly from the companies you have credit with, as well as from government agencies such as the legal court systems. Your personal credit report! Why you should at least review your credit once a year. See what the credit granters know about you. It's amazing the amount of personal information that can be obtained in this one report.

A credit report is a record of your credit activities. It lists any credit-card accounts or loans you may have, the balances, and how regularly you make your payments. It also shows if any action has been taken against you because of unpaid bills.

A Personal Credit Report may vary, but generally include:

• Identification Information: A personal credit report contains your full name, current address and previous address, social security number, birth date, and place of employment. The length of employment and income are typically not reported, however, if reported, it is often incorrect. If you are self-employed, you may be listed as - unemployed. Correct this immediately. Creditors often reject applications when they cannot confirm employment.
• Detailed Information About The Account, The name of issuer, date the account was opened, original balance or credit limit, current balance (beginning with the reporting date, which is also listed), terms of the account and the current status of the account. A complicated code system details the account history and is used to indicate the status of each item. Because it is difficult to read the credit report and correct errors, the code must be explained.
• Public record information! Your credit report will include any bankruptcies, tax liens, judgments, foreclosures, divorce, and civil and criminal cases.
• When personal credit reports are requested! Whenever a lender requests your credit report, it is recorded in your credit report. These are non-evaluated items but can be a serious - negative - if you have many inquiries with no subsequent accounts opened. Creditors wonder why the account was never opened or why you were turned down.
• Consumer Statement! The law allows you to include up to a 100 word - consumer statement - in your credit report to challenge or explain any creditor entry in your file.

Race, religion, sex, politics, or personal lifestyle choices cannot be reported in your credit report. Nor may character references be reported.

Credit bureaus may not solicit credit information from relatives but they may contact them to verify your current residence, employment or locate you should you default on a loan agreement.

Only a small percentage of credit transactions actually appear on your personal credit report because many creditors will limited creditors and will not release personal information. What is important is that those relatively few transactions be accurate and favorable.

What if you discover an error in your credit report?

First, contact the credit bureaus and make sure that they fix the mistake. This is especially important if you have been turned down by a lender. Once the error is corrected, you can go back and ask them to reconsider. Don't expect them to correct the error for you! You must do this yourself. Just because you change the item or items doesn't mean your score will change. But, it may so it's well worth the effort.

Keep on top of your personal credit report. Remember, no agency is perfect and it's up to you, the consumer, to beware. If there is an error, never rely upon a credit agency to correct it. It is up to you to keep informed and to clear up any discrepancies.

Your personal credit report is available to you in a number of ways.

You can contact the credit bureaus directly, which can often be a frustrating process as they usually have unmanned, voice mail-attended phone numbers. Also, it can take weeks to get your credit report, with no way other than writing letters or leaving messages to follow up on your request or to ask questions.

You can also find many companies online licensed to sell you copies of your credit report, usually at a reasonable fee. In addition, these companies usually have good customer service, have fast turn around for reports (next day service is not uncommon), and often offer a - Merged Report - which contains information from all three major credit bureaus in one report. They tend to include lots of helpful information such as forms for disputing inaccuracies you may find on your credit report.

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Keep on top of your personal credit report. Remember, no agency is perfect and it's up to you, the consumer to keep informed and to clear up any discrepancies.

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