CREDIT IN MINUTES
Get Approved in Minutes For the Car, Home, Business Loans, and Credit Cards you deserve!
Credit In Minutes
Get Approved in Minutes For the Car, Home, Business Loans, and Credit Cards you deserve!
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A Credit Reporting Agency is a company that collects information on the public and credit data of consumers. The company then issues reports that detail how individuals handle their credit, make payments, whether they have any loans or outstanding debt and what their credit potential is. These reports are made available to responsible creditors in order for them to decide whether or not to give a client credit. Other service providers such as employers and landlords can also make use of this service.
By law, individuals have the right to request Statutory Credit Reports that allow them access to their personal credit information. Included in these reports are personal details such as your name, date of birth, recent addresses and recent employers. The majority of the report consists of credit history that is compiled from details of credit accounts that were opened in your name or for which you are an authorised user, for example a spouse’s credit card. This usually consists of the dates on which accounts were opened, the limits and amounts of loans taken out, payment terms and a history which reveals whether or not payments have been made on time. Inactive or closed accounts can stay on the records for up to six years from the last date of activity.
Credit reports do not include information about bankruptcies or debts placed for collection that are more than six years old. It also does not include ethnicity, religion, political affiliation, medical history, criminal records or gender.
Matters of public record are obtained from governmental sources; it can stay on your credit record for six years. Credit reporting agencies record any inquiries from third parties when a credit report is requested. These inquiries remain on record for up to two years.
For a company, group or person to have access to an individual’s credit report, all they require is an acceptable reason. They can be landlords, potential lenders, service providers, government agencies (may have access only to certain sections), insurance companies, employers (typically require written consent) or someone that has obtained written authorization from you to access your credit history.
Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets reported.
Just because you qualify for all of those credit cards does not mean you should get them. A person with too many credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?
The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time will keep your score up where it should be.
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