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Credit Report

 | Jul 19,2007


Credit. It's a word that means so much to so many people, but when it's your own credit it can mean everything to you. The truth about your credit report is that it serves as a semi-permanent record of your financial history. Scary, right?

What is a Credit Report?

To understand your own credit report, you have to first know what a credit report actually is. What sort of things end up on your credit report and how long do they stay there? Minor bills and purchases, such as regular bills you pay, aren't going to become part of your credit report - but all of the major things will. If you finance a car through a bank, it will definitely be on your credit report. Loans, mortgages, contracted payments are all going on your credit report - apartment rentals and the like will not.

But, there is something else that might appear on your credit report and affect you in a negative way - unpaid bills. If you continuously put off a bill payment, it's likely that your account will be turned over to a collections agency. No matter how big or small this delinquent bill may be, if it gets turned into collections that will remain on record on your credit report. This will stay on your credit report for seven years, even if you get it paid off. If you pay the bill off before it's time to disappear from your credit report, a notation will be made on your credit report that the bill has been paid. Either way, it will still be a part of your credit history.

Getting a Great Credit Report

Want good credit history? When you have a good credit report, you'll find it's easier to get a loan, buy a house, move forward in your life. Build your credit slowly in the easiest possible way - through a credit card. Get just one credit card and make it a point to use it for purchases that you (very promptly) pay off. The more you spend and subsequently pay off, the better it will reflect on you...and on your credit report.

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