Your credit report is the window into your financial state and the thing that most financial institutions will need to review in order to make decisions regarding lending you money or giving you credit. It is for this reason that you need to know what is on your credit report.
Your credit report shows you if you have any outstanding credit and how well you are managing your debt. The credit report lists all your accounts and the amounts that you owe.
Your credit report does not only list your credit card debts, loans and mortgages, it also gives details on you other accounts such as; your mobile phone bill and your clothing accounts.
Credit reports help you to plan credit applications with more confidence. By knowing what is on your report, you know exactly what lenders will see and it allows you to work on improving your score.
The credit report lists all the companies that have lent you money in the past, their contact details and the amounts that you owe them. This will help in the event that you need to contact them for some reason.
Your credit report also contains the details of where you have lived in the last six years. Being able to get that information can help a lot, especially when you need to fill out forms or if you are applying for a job.
All the companies that you have applied to in the past twelve months are listed on your credit report. You can check at any time to make sure that you do not apply to a company that has said no in the past year.
You are able to check your credit report as many times as you like and it will not have a negative effect on your credit score. Lenders cannot see how many times you have viewed your report, so it cannot have any effect on their decision at all.
If you notice any mistakes on your credit report, you can contact the lender to have the problem corrected and it is even possible to add a note to your report, giving proof of why you missed a few payments – things happen!
Checking your credit report on a regular basis can help to prevent identity theft. If you notice any suspicious activity, you can sort it out before it becomes a serious problem. Report any criminal behavior to the relevant authorities.
