What You Need To Know About Your Credit Report
In today’s world, both personally and professionally, much of what you do, get, have, want, believe is based on your credit report. Few people realize the number of times their day-to-day activites in life are impacted by this information.
Your credit report is generated by the three credit bureaus: Equifax, Experian, and Transunion. Each of these bureaus have access to all types of information about you, your finances, and your personal spending habits. These bureaus also track whether or not you’ve ever had a creditor send you to collections, if you have been sued and have a judgment against you, you owe back child support and much more.
Ultimately, all this information feeds into the credit bureaus’ scoring “system” and you will be measured by this score when you go to get a car loan, car insurance, a credit card, a home mortgage, an apartment lease and, in some cases, even a job. The scoring system that each credit bureau uses is proprietary and is not made available to the public.
The bureaus’ also use different scoring models for different credit applications. If the application is for a store credit card, your score may be higher than if it is for a home mortgage.
What you need to know about your credit report - Part II to follow.