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Your Credit Report is the basis for credit reporting companies to rate your credit scores. Your credit scores affects almost every aspects of your life and work, be it taking up further credit, buying a car insurance plan, or simply changing to a new job. It is therefore critical that we understand what goes into your credit report, who reads your credit report, what makes a good credit score range, especially when you need to start credit repair activities. What Financial Information Is Collected About You In Your Credit Report. The critical information of your credit report includes personal information, credit history on your outstanding debts, collection reports, public record information, enquiries made on your credit history and any other additional information. Your credit score is then calculated from these information using special formulas and different weights given to each component. It is important to note that your credit report keeps your credit and collection accounts as well as court records are kept up to 7 years from the date of the last activity. Bankruptcy details will be kept10 years from that which is filed. Your Credit Score Range. A good and functional credit score ranges from 750 to 850. Note that the lower the score the higher the risk you are to your lenders. The acceptable range starts from 720 and any score rating less than 620 is deemed risky, with 620 to 660 being uncertain. Knowing your current Credit score is critical to your credit repair endeavours. Credit Related Parties Who Read Your Credit Report Parties who wish to review your credit report should request for your permission for access. Knowing who reads your credit report is the first step towards correcting your credit problems. Related credit parties are namely your bankers, lenders, credit card companies and insurers. In addition to these, some potential employer may also ask for permission to access your credit report for credit testimony. You Are Entitled To One Free Credit Report Annually Everyone is entitled to one free Credit Report annually with each of the major Credit reporting bureaus, namely Equifax, TransUinon and Exeprian. Not to forget that should any credit reporting bureau amends and verifies changes in your credit report, you are also entitled to an updated credit report for your safekeeping. It is critical that your keep the latest credit report for your own reference as the credit report is never a static statement but a fluid personal credit statement of accounts. For more good reads on Credit repair, do visit my site.
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Joey Lee has 17 years of banking, financial, business & marketing experience, holds a CFP & an Executive MBA, and a Platinum Ezine Author. Learn authentic Credit Repair skills and comprehensive information on www.creditrepairskills.org/credit-report-analysis-tips"> Credit Repair Tips , credit reports, credit scores at CreditRepairSkills.org
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