11 Facts of Credit Report

Looking for an expert to decoding details of your credit reports? It’s easy, simple and full of information on your credit card behaviour. Read basics of credit report here to figure out the unrevealing facts.

What is a Credit Report?

Credit report is a piece of information about your financial history. It includes your credit/ debit card accounts, bank accounts, loan accounts and how you manage them with overall information. In brief, you can say it is a summary of your past financial karmas that is used to check your financial capability and credit limit.

Every credit reports contains following information

• A credit report always contains your name, address, place of current employment to identify you.
• Credit report contains name of the company providing your credit report
• Your credit card and account number associated with it. Some credit card companies prefer to scrambled account number due to their privacy policy.
• Credit report narrates about type of account whether is a home loan, auto loan, education loan or personal loan.
• Credit report shows the terms or repayment including instalments, interests charges, late fee & other charges (if it is applicable)
• Credit report informs about the date of loan commencement and date of ending. Some companies don’t show date of ending of loan.
• Tells about your credit limit or balance loan amount at the time of generating credit report
• Credit report includes your last payment (or due payment).

Besides above information some credit report companies provide more extensive information in their credit report like:

• Credit Report Institution companies show your credit history too in credit report particularly it is concerned with credit card.
• Credit report includes details on bankruptcies, tax liens, due responsibility even including court records if the creditor has.
• Credit report also shows details of parties who accessed your credit report within past two years excluding accesses by creditor and lenders. Though some companies write details of both soft and hard query while some gives information only on hard queries.

Simply we can say that credit report is a detailed document to know your financial history and current financial status hence it is used by lenders before approving your new credit card account or loan.