What is a Credit Report?
Within a world revolving around finance, it is no surprise that your financial activity is often recorded and used as a reference. Your credit report can be considered an overview of your credit history, which includes any sort of loans, credit card and banking activities. The moment you first apply for a loan or sign up for a credit card, you have started your credit report. So, what does your credit report look like?
Credit Reports Include:
- Full name and address
- When you have opened your accounts (credit card, bank accounts and loans)
- Balance of accounts
- If banking accounts were frozen or closed for money owing or fraud activity by the account holder
- Punctuality of payments, if missed or late
- Whether you have exceeded you credit limits on these accounts
- Personal financial public records such as Bankruptcy or other obligations such as child support
- Specified accounts such as mobile/internet accounts may be also on the report in terms of payment history
In order to have a great credit score and report, it is vital to first understand what your credit report consists of. Now that you have a thorough understanding of your personal credit report, you current score may make more sense to you and how you got the rate that you hold.