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We're all concerned from time to time about what our credit reports might be saying about our financial history. Is it helping or hindering our credit applications? Most people have no idea what type of information a credit report actually contains about us. If you have had a few "unfortunate" financial things happen to you in the past, they will almost certainly have found their way into you credit report. It pays to know what details are being kept about you, so that you can minimize any future damage, and maybe even start to repair some of the damage already done. Here is a quick run down on what type of information the reporting agencies hold about us all. Identification and employment history: Your full name, date of birth, insurance number, place of employer, and probably your spouse's name are recorded. The report also may provide information about your recent employment history, any property ownership you might have, your approximate income, and any previous addresses that you might have lived at. Your Payment history: This is the most important section. It will have a detailed listing of your charge accounts with various creditor providers, showing how much credit has been extended and whether you've paid up on time or not. Any instances where you have defaulted on payments will be highlighted. This is where any occasions where you've been slow in paying are likely to "come back to haunt you". Any Credit Inquiry history: Consumer reporting companies keep a record of all requests from individuals or businesses for your credit history over the preceding year, or in the case of employment related inquiries, for the past two years. A long list of credit applications that have been turned down is a major "red flag" for future credit providers. If you are refused credit from one application, it suddenly becomes much harder to get credit with any ensuing applications. Public record information about you: Any matters of public record, usually court related, such as bankruptcies will almost certainly be in your report. You can't hide from anything that reaches the courts. Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a genuine reason for using it, such as assessing your applications for extending credit, insurance, employment, or a rental lease. Summary: Having a good clean credit report means it will be easier for you to get loans, and at lower interest rates. Lower interest rates translate directly into lower loan repayments, therefore more money left in your pocket at the end of the month. Being vigilant in protecting your credit rating from the very beginning is something that will certainly return you considerable dividends in the long term.
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