What is Considered Good Credit?

What is Considered Good Credit?

What is Considered Good Credit?

Good credit is the totality of the performance of each piece of criteria rated on your credit report. Many people think that absolutely everything is reported to your credit report including utility bills. Your credit report is made up of 5 main sections:

Personal Information

Inquiries

Public Records - Liens/Judgments/Bankruptcies/Collection Items

Employment history

Trade Lines

Your personal information includes your full name, date of birth, social insurance number, the date you began having a credit report, your spouse's first name, any aliases and the 3 most recent addresses reported to the credit report. This information assesses your stability by looking at how long you have had a credit report and how long you have maintained the same address.

Inquiries represent all of the times you have applied for credit. Pay attention when signing contracts with companies because some will include clauses so that allow the company to pull your credit report in the future to qualify you for products and services. Too many inquiries will reduce your credit rating.

Public Records list any liens on vehicles or property you have leased or financed any bankruptcies, collection items or judgments. Bankruptcies, collection items, and judgments will reduce your credit rating.

Employment History list's the last 3 employers reported to your credit report.

Trade Lines represent your credit products. Each will list the creditor, when the account was opened, the credit limit, the balance, the monthly payments, the repayment terms, type of credit, current account standing, account history, months reported to the credit report and more

How does this information get reported to your credit report? Well information like your address, employment, aliases and other personal information is reported from the information you provide creditors when you make an application. When the creditor makes the credit inquiry to request your credit report they have to enter the information you provided in your application and then that information updates to your credit report.

Having good credit means striking the balance and performing well in all categories rated on the credit report. For more information about how to have good credit visit http://www.trueassess.com

POST COMMENT

Eliminate Credit Card Debt - A Proven Debt Relief Tactic For Credit Cards Bad Credit Personal Loans – Stable Your Needs with This Help Fix Your Bad Credit Now!!! How A Bad Credit Debt Consolidation Loan Works Bad Credit Debt Consolidation Loans - Combine Your Debts With Bad Credit Bad Credit Personal Loans - How To Manage Your Bad Debts Eliminate Your Credit Card Debt - An Easy Way To Avoid Paying Credit Card Debt Loans for bad credit: Best financial partner of bad creditors The simplest guideline to earn bad credit personal loans upto 5000 Bad Credit Loans - A Legitimate Way To Get Money With Bad Credit How Do Bad Credit Debt Consolidation Loans Actually WOrk? How To Get A Bad credit Debt Consolidation Loan During Tough Times Bad Credit Debt Consolidation Loans - Secured Vs. Unsecured Debt Consolidation