A check credit report is often requested by companies and employers for purposes of credit assessment. A credit report is a numerical representation reflecting the creditworthiness of a person, with a credit scoring system used to calculate a credit rating. A credit rating is primarily based upon a credit history, most often sourced from three credit agencies.
Credit history, therefore, is considered one of the three major factors which determine the amount of points that are deducted from a person's score. A person's credit score can be determined by the following factors:
o The financial information that a person provides to a financial institution. o A person's employment status.
o Personal information, such as age, gender and marital status. o Information relating to the person's income. o Whether or not the person is married. o Information relating to the person's bank accounts.
The credit reports, which are available online can be used to check for discrepancies in the records maintained. This way, the entire financial history of the individual can be scrutinized, and the accuracy of the report is established for any future needs. If a discrepancy is found, the credit reporting agency may make the correction immediately or may take measures to prevent the same in the future. In the event of non-corrections, the information can be forwarded to the appropriate agencies.
Check credit history is useful in several ways. It helps you identify instances of fraud and identity theft. It also helps to establish the financial stability of an individual, as well as helping you assess the credit worthiness of people to borrow money from you. It is therefore important that you understand what the reporting requirements are for a check credit report, and how they can help you. It is always best to get your credit report once every twelve months, and regularly check your credit rating to ensure it remains in good shape.
It is easy to obtain your report. You should simply go to your local office of the credit bureaus or visit the Federal Trade Commission website. There you will find instructions on how to get a copy. Your credit report will contain personal information and other data such as account balances, debts and other financial information. It will also contain data relating to any account you have closed, any accounts you are paying off, and any loans you are currently making repayments on.
You should be aware that not all people receive the same credit report. It is therefore necessary to go through a process whereby only those who are qualified to receive credit reports are included in the collection process. In cases where your credit history differs from others, you should make sure that your credit rating is accurate and updated. This is especially important when you apply for loans such as home mortgage loans and auto loans.
Make sure that you check your credit report and know what the credit bureaus are charging for your credit report. The charges may vary from one agency to another. You may also need to have copies of your credit reports sent to various bureaus at regular intervals, as well as some other financial documents. The fee charged for a check credit report is usually minimal and affordable.