What are Credit Reports?

Credit reports are detailed reports of the credit history of a person. Credit agencies collect details and make a credit report based on the information collected. Creditors use the report along with other information to know the credit worthiness of a loan applicant. There are a lot of websites that give information about credit reports. One of it is better credit blog.

Credit Report Break Down

A credit report has personal details like previous and present addresses, employment history, and Social Security numbers. This report also has a summary of the credit history such as the type and number of accounts that are in good standing or past due. It also has detailed account info related to the date accounts were created, credit limits, and high balances. A credit report list details of accounts and credit inquiries turned over to agencies. A credit report generally keeps bad information for several years.

Accessing a Credit Report

Landlords, insurers, and creditors and much more are allowed legally to access the credit report if someone submits an application for rental property, insurance policy, or loan. Employers might also request a credit report copy of a person as long as he or she grants permission and agrees in writing. These units usually must pay the credit agencies for the credit report. This is how they earn money.

Free Credit Report

The FCRA needs every credit agencies to give customers a free credit report once a year. Also, federal law enables customers to get free credit reports if a company has taken opposing action against him or her, including denial of employment, insurance or credit. However, customers should request the report within 2 months from the date the opposing action happened. Victims of identity theft are also eligible for a free credit report.

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