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Relevance Of Credit Report In Acquiring A Loan

Author : lara roy


In places like US and Canada, it is not very easy to get a loan. When you utilize for a loan or credit from a bank or a credit card company, your details is directed to an agency which offers a report. This report is called the credit report which exhibits your current and past debts and how well you have repaid it. The terms credit report, credit reputation and credit history are synonymous. The report allows the lender to figure out whether you have the ability to repay the loan or credit card in a specific period of time.

The credit report is ready by an agency called credit bureaus. The credit bureaus gather the individual's info these as borrowing and bill paying habits from various sources and file it. So when your data is forwarded to this agency, they match your data with those offered by the bank or the credit card company. This details aids the lender decide your credit worthiness which is the ability to pay back the debt. Credit worthiness can impact the loan interest prices. People with a pure record only need to pay less interest than those with bad record.

A credit report consists of the following data:

. Personal info which includes your name, address, date of birth, employment status. This also contains your monthly salary from present employer as well as your past employer.

. Your current credit accounts with banks, credit card companies and other economic establishments. This incorporates revolving credit accounts and all varieties of loans these as real-estate loans, mortgage loans, and installment loans and so on.

. Details of your account these kinds of as account number, sort of account, month to month payment, payment pattern, opening date of the account, credit limit etc.

. Public record which contains records on bankruptcy, foreclosures or criminal records.

. Finally, facts of your previous report which incorporates the names of all the lenders who have by now received your credit report.

The report is not open to public. It can only be observed by creditors, insurance providers, government agencies, employers or landlords with a reputable company. They get access to the report only upon request and for a genuine cause.

Credit report not only has influence in availing loan, but is also important in acquiring a home or finding a job. Therefore it is extremely critical to defend your credit rating by making loan and bill payments on time and by not taking on much more debt than you can handle. Normally the credit history information, excellent or undesirable, will continue to be for at least seven years.


Author's Resource Box

You can get a free credit report once you sign up with some websites. Click here to know more about free credit report.

Article Source:
Articlebliss

Tags:   free credit report

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Submitted : 2011-01-07    Word Count : 870    Times Viewed: 53620