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The official government website is located at www.AnnualCreditReport.com.


Brief Credit Score History

Not many years ago, people basically visited the neighborhood traditional bank to obtain a loan with which to purchase a house, a new automobile, start a small business or simply to hold themselves over during a down economy.

The choice by the financial institution to make this loan was generally made by the banker based on the fact that your dad and grandaddy had done business with the bank for years and had an excellent standing with them.

The banker had most likely known you since you had been a little youngster, went to the same place of worship with you, knew your parents and just had a very good sense for your character and integrity. And, this was the foundation for the determination to grant you a bank loan.

Nowadays we have become such a global world that loan providers may be tens of thousands of miles away from where you reside and not only don’t know you, but they will most likely never actually meet you. Nevertheless, they somehow have to determine if you're a good credit risk with regard to loaning their cash too.

Thus the advent of the credit score as a means to ascertain your credit worthiness.

Credit Bureau Check

Today there are 3 major credit reporting agencies that are used by most lenders to find out information about your credit history before they choose to give you a loan. These are Experian, Equifax and TransUnion.

Entities where you have previously purchased an item on credit will report this acquisition, plus your payment track record, to these credit reporting agencies. Therefore, in case you are past due making your payments or just don’t repay your loan in its entirety this information will certainly always be reported to these credit agencies and will show as a negative in your credit file.

On the other hand, the opposite is also true. If you have made all your repayments promptly and satisfactorily repaid your debt, then this will have a positive effect on your credit history and credit scores.

Each one of the credit reporting agencies have developed a scoring algorithm which they apply to the data within your credit history to ascertain if you are a good credit risk and your likelihood of repaying any future loans that might be extended to you.

Consequently, for your long term borrowing strength it's important that you monitor and take care of your credit health.

Credit Bureau Report

If you do not understand what your credit history looks like with these credit reporting agencies, then it is essential that you obtain a copy of your credit report.

Even when you think your own credit is just fine you may still wish to review your credit report to ensure there aren't any paperwork glitches. After all the information is reported to the credit bureaus by humans and it's often posted by humans.

One place where a number of errors occur is when a Jr. and Sr. are involved. Actually, it is a fairly common error that's discovered whenever credit reports are reviewed.

You might also be interested in just how many businesses are inquiring regarding your credit history and put an end to some of those inquires.

In the event that there are mistakes in your credit file, it often requires 30 to 60 days to get these corrected so you definitely don’t need to wait until you need your credit rating for a new home or new automobile to find out that there are wrong items in your file that will prevent you from obtaining approval for that bank loan for which you have applied.

Free Credit Score Check

The government has made certain everyone can get a free copy of their credit report once every twelve months. So, why don't you make the most of this free service.  

 

 

 

 

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