CREDIT REPORTS INFORMATION

Please see information on Credit Reports below.

        

Credit Reports / Credit Bureaus

What is a Credit Report?

A credit report is basically a snapshot of your credit accounts, repayment record and provides a general idea into how well you manage your finances. They start from the moment you apply for loan, credit card or bank account. A good credit report can be one of the most valuable assets you can have. The information inside is will be used by banks, lenders and other financial companies whenever you apply for a loan or credit card and will affect whether or not you are approved.

What is in my Credit Report?

Your report contains all your account information. It shows what credit accounts you have had and also whether or not you have made your repayments on time and in full. If you have missed payments or made late payments, these can stay on your report for a long time. Bankruptcy will also show up on your report as well as any involvement you have had with debt collection agencies.

Your credit report will also contain personal information such as your address and contact information.

Why is a Credit Report important?

Lenders use your report to decide whether or not to offer you credit or grant you a loan. They can also use it to decide how much to charge and what interest rate to set. For example someone who has an excellent record of handling credit is likely to be offered lower interest rates than someone who has a bad credit history.

With your permission, credit reports can also be seen by prospective employers and even landlords so it can affect your job prospects and chances of renting a property.

Why should you check your Credit Report?

It is important to make sure everything in your report is accurate and up to date as well as keep an eye on who is requesting to view your file. As mentioned above it is an important document and you don't want it to have any wrong information on it such as an old address.

Monitoring your credit report can also alert you to signs of fraud, which is becoming an increasing issue across the world. By viewing your report regularly you can take action quickly if you think someone has gotten hold of your personal information before the situation escalates.

How can I access my Credit Report?

Your credit information is gathered by credit report agencies, also known as credit reference agencies or credit bureau. You can easily sign up online with one of these services which can give you access to your file. The amount it costs depends on who you sign up with. Most services charge a monthly fee but with some agencies you can get a year's subscription. The best way to find the right credit report agency is to research and compare them.

        


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