What Is A Credit Rating Report

What is a credit rating report or a credit report? That’s a straight forward question and we get asked the same practically everyday.

The credit report typically shows how much money you have borrowed and how you repay debts. Creditors usually look at this report to decide whether or not to give you any credit.

The informmation included in tour credit rating report is most often comprehensive identification and employment data, payment history on your accounts past and present, a list of creditors who have recently requested a copy of your report.

It includes Public Record Information (such as bankruptcies, foreclosures, court judgments)

Not everyone can look at your credit report. Generally, only such people like creditors, who you have asked to give you credit, potnetial employers if you have given them authorisation, government agencies who are collecting child support.

The information about you is generally held by the three major credit reporting agencies and some other small ones. You should order your report from at least the “Big Three.”  In the US, these companies are:

—Equifax

—Experian (formerly TRW)

—Trans Union

These agencies may charge you up to $8.00 for the report and you can access your credit report online.  You can obtain a free credit report if you have been denied credit within the past 60 days. You can also get one free report in any 12 month period if you are unemployed and will be applying for a job within the next 60 days, if you are on welfare, or if you have reason to believe that your report contains inaccurate information due to fraud.

In general, if you order a report you need to disclose your full name, date of birth, social security number and residences for the past five years.