Your Real Credit Report - What It really Says About You
Your Real Credit Report - What It really Says About You
Credit reports are becoming increasingly more important as potential creditors look very closely at the information included on them prior to agreeing to finance a loan, a mortgage or issue any other type of credit, or even before agreeing to rent you a house.
Just as you would probably not loan money to someone you did not know, creditors are reluctant to hand out loans unless they are fairly confident that you are going to be able to pay it back fully and within the time allotted.
Aurora Lillo Editor of the "Best Credit Reporting Services" website -- http://www.BestCreditReportServices.com -- pointed out;
"...Your report also helps them to determine what interest rates they will charge you. Landlords want to be sure that you will be able to keep up with your monthly rental payments. Reports can also be used by potential employees to determine your integrity by how promptly you pay your debts. So, as you can see, it is important to ensure that the information on your report reflects positively on you and your current financial status..."
There is often much more information gleaned from these reports than what is obvious. For example, did you know that every time you make a credit card inquiry it shows up on your report? While you may be innocently applying just to get a free bonus that is offered, that may not be how potential creditors see it. They may interpret the information and instead think that you are in financial trouble of some kind and that you are in need of a lot of credit. Naturally they will then be quite wary about granting you credit.
How prompt you are with your payments is also reflected on your reports. Any late or missed payments will stay on record for seven years. Potential creditors want to be assured that you will keep up with your payments regularly and that you will be on time with them. That is why it is important to make at least the minimum payments on time every month. If you have trouble making a payment due to a financial emergency coming up between pay-checks you should consider taking out a payday loan so you can make your monthly payments.
Maxed-out credit cards also raise alarm as it can indicate that you are in financial difficulty. Of course you may not be in financial trouble, but if you do have one or two cards that are maxed-out you should shuffle things around and move some of debt from one card to other cards that are not maxed-out.
"...Keeping up with these different things will ensure that your credit report reflects your character and financial status in a positive light to others..." added A. Lillo.
Further information about how to get a detailed credit report including scores and as often as you want by visiting; http://www.BestCreditReportServices.com