If you have recently been denied credit or plan to apply for credit soon, it would be wise to obtain your credit report. You know that it is a document that is the foundation of a decision on whether you will receive credit.
We can obtain copies of our credit report for free, on an annual basis, from the three major credit reporting agencies: Experian, TransUnion, and Equifax. Go to annualcreditreport.com to obtain these copies. Please request reports from all 3 agencies because they may differ.
The reports will have several sections. Know that there will not be personal private information about your race, worth, or salary included. There will be the usual identifying such as name, address, social security number in the first section.
Lines of credit will be included such as balances, monthly payments, and credit limits. This section addresses credit cards, department store credit cards, mortgages, automobile loans, department store cards, gas cards. This will also cite dates accounts were opened, payment history (with late payments), unpaid child support, and overdrawn bank accounts.
In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.
Any time you apply for a loan or credit card there will be an inquiry made to a credit reporting agency. Your credit report will include not only these inquiries but inquiries by you. Credit inquiries remain for 2 years.
There is no problem if your credit report is positive. However, any true negative comments will stay on the report for 7 years. Bankruptcies stay on for 10 years.
It is highly recommended that we obtain and seriously review our credit reports to be aware of differences on each report, locate any and all errors. It is up to each individual to monitor his/her own credit profile, fix errors, and repair personal credit.
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