The credit reports are
copies that contain all the information about an individual’s background and
also his credit history. These reports are essential to determine if the person
is at all creditworthy. The credit reports are compiled by credit bureaus on
the basis of the information furnished by your creditors and lenders and
collection agencies. If you are knee deep in debt, you can try to get debt help from a credit counseling agency to pay off your
debts and also repair your credit report.
There are many credit
bureaus who compile your credit reports but there are three main credit
bureaus. These are the Equifax, Experian and TransUnion. If you want to check
your credit reports, it is important for you to pull credit reports from all
the three credit bureaus. All of the credit bureaus keep a track of your
addresses, debts, debt payments, checking and other bank accounts, payment
history and what you owe, missed payments, bankruptcies, liens, judgments and
It is important for you
to get credit reports from both Equifax and TransUnion (Experian has stopped
providing credit reports to consumers) because not all creditors, lenders and
collection agencies report to all the three credit bureaus. While some may
report to all, some reports to only one.
Getting the credit reports
You should know that
you are entitled to get a free copy of your credit reports each year. Now,
where from can you get your credit reports? You will be able to get your credit
reports from annualcreditreport.com.
Another very important
thing is that if your loan or credit card application gets rejected, you will
be able to apply for a copy of your credit reports for free.
Based on your credit
history and your overall credit report your credit score is compiled. So, it is
really important for you to maintain a good and clean credit report so that you
can have a good credit score. In order to be eligible for a new credit like
credit cards or car loan or mortgage or any kind of personal loan, you need to
have a good credit score and a clean credit report. For example, if you have a
very long and good credit history and also low outstanding credit card debt,
you will have a good credit score. As a result, you will be able to get a loan
with low interest rate or a credit card with better offers. You won’t even get
a job if you have bad credit report with too many high outstanding debts on it.
So, if you think that
you have bad credit, you can try to repair your credit. In order to repair your
credit you will have to pay off your outstanding debts. But if you are having
problems in paying off the debts that you have, you can try to get debt help
from a credit counseling agency. They will not only help you to pay off your
debts but will first counsel you on debt management.