What does your credit report contain? It is actually a summary of your consumer statement (this may be an explanation about your late payments or a fraud alert; It also contains basic information with regards to a consumer (given name, address, date of birth and employer if there are any). The history of the account (installment applications, credit card details, and a 7 year payment history) is also a part of the said report.
Public records (filing of bankruptcy, tax liens and judgment filings) can also be seen in a credit report as well as inquiries for the past 2 years either made by you or by a potential employer. Last but not the least on the report is the contact information with regards to mailing address and phone numbers of creditors mainly for future reference.
The 3 major credit reporting bureaus (Equifax, Experian and TransUnion) use the said report as a basis in calculating a consumer s credit score. There is a strong connection between the 2 because the result of another most likely determines the result of the other. It is like saying that a bad credit report is almost equal to a bad score card. So, a consequence would be, an improvement in one will also result to the improvement of both.
On the other hand let us not forget that although a person s credit report is accessible the 3 major credit reporting companies and to the consumer. It is still the credit company that will give the final credit score. It is also a fact that since every company differs in their own criteria, a persons score card can also differ in accordance to the judgment of different credit companies. But a consumer is rest assured that the said scores will not be that far from one another.
When one sees the connection between the two, it is also most likely that one will also see the importance of the two with regards to his future investments (May it be a car or a brand new home in the suburbia). It may not be that simple but being wary about one s payment habits is a surefire way to improve a seemingly hopeless score card. Delayed payments (especially those that reached the 90 day limit) and whether the reason is valid or not, leaves an ugly stain in a consumers credit report.
These reports are given free annually. One should be wise and make use of it if he wants to be free of future mayhems with loan application and sky high interests. It also helps to check every single data found in the said reports especially those newly encoded and appears to be inaccurate. It may be innocent looking at first but experts say that these are the early signs of identity theft.
Indeed, a credit score and report has a connection not just between them but to a consumers future in the credit world as well. When a consumer uses this to his advantage, he is sure to have a bright future ahead of him.
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This article has been provided by http://www.free-credit-reports.com , where you can compare credit report and identity theft protection services with this comprehensive chart of all credit report and credit score service providers.
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