Credit Reports Are Constantly Updated With New Data

Credit reports are not just a record of how you are currently managing your credit accounts

. Credit reports are histories of everything you are doing with your credit now, and everything you have done in the past.

Credit reports are like photographs, they capture a fixed image at a certain point in time. Sometimes a picture shows a person who is relaxed and happy, and other pictures depict anger or grief. Credit reports are constantly updated with new data; most banks report new customer data every 30 days. It is voluntary for banks and creditors report to the credit bureaus.

Credit reports are tricky to read so set aside some time for this. We suggest that you make several copies of your credit reports so that you can mark on them and write notes. Credit reports are constructed by consumer reporting agencies (CRAs), which have huge databases filled with your historical credit information. They charge a fee for this information and so getting free credit reports is not at all easy.

False data that hurts your credit rating can mean the difference of whether you can buy a home, vehicle or sometimes enter into a contract. It is very crucial to ensure the data is accurate and up to date, especially before making a major purchase. False public records create the worst negative marks on your report, much worse than occasional late payments.

Scores are generated by plugging the data from your credit report into software that analyzes it and cranks out a number. The three major credit reporting agencies don't necessarily use the same scoring software, so don't be surprised when you discover that the scores they generate for you are different. Scores generated are through different trademark names. There is a lot of difference in their predictions, statistical methods and other related factors on the basis of which consumers are rated.

by: Karri Owens.

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