What is on a Credit Report?
Contributed by Rachel s Pickett
What is a Credit Report?
A credit report or score is used when you apply for a personal loan, home mortgage, auto loan, and credit cards. Lending companies review your credit report to assess whether or not you are credit worthy. A credit report contains personal information about you and your credit history is included on your credit report. Personal information you should find on your credit report should be your full name, social security number, home address, work address if applicable, and your date of birth.
Other personal information may be included. Your credit report is used to identify your borrowing and repayment habits.
What Is On My Credit Report?
In addition to your personal information, your past employment history may also be included on your credit report. Lenders want to see that you have maintained a steady income in each month that you have been extended credit. A credit report will also include information on bill payment history, credit cards, home mortgages, auto loans, and personal debt such as bank loans. In some states, child support is also included in a credit report where applicable.
How Do Credit Cards Affect My Credit Report?
To maintain good credit it is essential that you repay all credit due. Maintaining low balances on your credit card amounts will help lower your credit score thus improving your credit report. Be careful not to have too many credit cards. An appropriate number of credit cards to carry is 2-3. Having more than four credit cards can have a negative impact on your credit report. Avoid maxing out any of your credit cards or letting your credit become too high. Only accept credit that you need and can repay. Never accept any credit you do not need.
