subject: Essential Facts That One Should Know About His Credit Report [print this page] The first thing that a bank or a credit card company does before giving money is scrutinising the credit report. The document shows the amount of money the person has loaned and whether he is repaying them properly or not. If it is seen that the person has a big amount of money as debt or is defaulting in making payments then it would not be easy for him to get loans or he would have to pay a higher interest rate for it. The banks or the credit companies take the decision of giving loan basing on the value of the credit score.
The score is a number based on all the information that is there in the file and it helps the lenders to take the correct decision. Along with information regarding loans and repayment options, there are also personal details that are there in the report. This includes name, address, telephone number, date of birth, present employer etc. However things that are not included are information relating to health, race, religion, income, bank balance and other things. The document also contains statements about a persons tax liens, bankruptcy statements and court judgements. However, if you are sure that my credit history is quite good, then you should get the loan without any hassle.
The report can be accessed by the person and also by the banks, and lenders from which he has taken money. It can also be viewed by any person or company that has permission to see the file. A person can view his report by both offline and online methods. In the offline method, the person will get a copy of the document once every year and if he requires it more often, then he needs to pay an additional amount for it. However, if an individual wants to access the information by online methods, he can do it many times by paying a certain amount each year. Many a time it happens by mistake, that there are some inaccuracies in the statement. The federal law allows the person to correct those disputes.
