No Time Like the Present to Check Your Credit Report
Contributed by Alix Mcmurray
No Time Like the Present to Check Your Credit Report
When is a good time to check your credit report? How about RIGHT NOW? This is particularly true if you are seriously considering a major purchase such as real estate, a home, or an automobile, or if you are starting a business and seek to open a line of credit specifically for that business.
When You Check Your Credit Report, Realize Somebody Has Beaten You to the Punch
Unless you've been thinking about your credit history a lot lately, it may surprise you to discover who has seen it more recently and more frequently than you have. In conformance with the Fair Credit Reporting Act (FCRA), any and all of the following entities may have "checked you out" in the recent past: the prospective employer you just interviewed with; your insurance agency at policy renewal time; state or federal courts, if you are involved in a child custody dispute. And forget about your nickname throwing them off -- your history under any name is all included.
Building Blocks of the Credit Report
Your report consists of the following four main categories: personal information; account information; public record information; and inquiries. Public record information includes any court judgments, government liens, bankruptcy filings and collection accounts. Inquiry information includes inquiries into your report within the last two years.
Check Out Who's Been Checking You Out (Via Your Credit Report, That Is)
When you do check your credit report, you may see some company names you don't recognize. That's because an inquiry does not require your permission per se, but merely a legitimate business premise, such as your having sought to open a new phone account. It's no wonder that credit consumer agencies which sell "credit monitoring" packages are so numerous today. It really is true that "Big Brother is watching you."
