Information on Credit Reports

Credit is the money you borrow from somebody. Whenever you borrow money you become the debtor and the person who is crediting you the money is the creditor. Whenever you get a credit from somebody, it automatically implies that you need to repay the amount to the person you borrowed from within a certain period of time and with certain rate of interest. When you start making payment on your credit, the details of your payment gets reflected on your credit report.

Credit Report:

Credit Report is a statement which shows the public records, inquiries and the personal and credit details of an individual. This report is prepared by each of the three Credit Reporting Agencies - Equifax, Transunion, and Experian.

• Personal details include the name, current and previous addresses, date of birth, employers - both current and previous, social security number and the telephone numbers of the individual.
• Credit details include the debt amount, the monthly repayment of the debts, and all other lines of credit including credit cards.
• Inquiries include all the new lines of credit for which a person have applied over the last two years and finally
• Public records include the bankruptcy, foreclosures, tax liens and judgments that are put against the person.

All the information on your credit report is taken into account while computing your credit score.