Understanding_Your_Credit_Report

Document Sample
Understanding_Your_Credit_Report Powered By Docstoc
					Title:
Understanding Your Credit Report


Word Count:
373


Summary:
Your credit report can be one of the most important pieces of information when it comes to your financial
health. It is important that you have an understanding of all that it contains and how it relates to future credit
you may apply for.


Your credit report says a lot about you


Your credit report tells a lender what kind of borrower you are. It tracks late payments, collection requests,
and bankruptcies. It also tracks on time payments, loans that are paid off, and acc...



Keywords:
credit report, credit score



Article Body:
Your credit report can be one of the most important pieces of information when it comes to your financial
health. It is important that you have an understanding of all that it contains and how it relates to future credit
you may apply for.


Your credit report says a lot about you


Your credit report tells a lender what kind of borrower you are. It tracks late payments, collection requests,
and bankruptcies. It also tracks on time payments, loans that are paid off, and accounts that are opened and
closed. It is your history and it can affect your future.


Too much credit can hurt you


It seems silly, but having too many credit card accounts on your credit report can actually hurt you even if
you have no late payments and carry a low balance. Lenders worry that because you have the ability to run
up high credit card bills, you might accrue a large debt and be unable to pay them back because you have
other bills to pay. If you have credit cards in your wallet that you seldom use, close the accounts. Instead of
carrying three gas credit cards, trim down to one, or put your gas purchases on a general use credit card.


What you don’t know can hurt you
Credit reports contain a lot of information about you and with the volume of information they are compiling,
it is possible that it contains some mistakes. Perhaps you have closed an account that your credit report
states is open or you have paid off a balance that is still listed. Whatever the discrepancy, if you notice an
inaccuracy on your credit report, it is up to you to contact the credit bureau and get it corrected.


What you don’t do can hurt you


Missing credit card payments costs you more than just late fees. Having late payments reported on your
credit report can keep you from getting a home loan or even buying a car and once accurate negative
information is on your credit report it takes 7 years to get it erased. It is important to make your payments
and make them on time and to carefully consider every purchase you place on a credit card.




credit disputes letters

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:0
posted:1/4/2012
language:
pages:2
hashournonos hashournonos
About