10 facts about Credit Report
1. Credit report is an important instrument of valuing the credit risks. Credit report is the document that contains information about the credit history of the person and the capability of the person to pay back the credits.
2. Creditors or lenders use credit report while giving credits and lending.
3. Credit Reports provide information that is used for calculating the Credit Score. Credit reports usually have such information as how much person has borrowed, how many times he (she) applied for credit, did he (she) paid the credit back on time and whether the person is in default or not.
4. The interest rate of the credit is also determined in accordance with the information of the credit report.
5. Potential employers sometimes evaluate the credit history of a person through his (her) credit report.
6. The three largest American credit bureaus are Equifax, TransUnion and Experian.
7. One can request the copy of his (her) credit report from AnnualCreditReport.com.
8. A free publication called “Understanding Your Credit Report and Credit Score” is offered by the government of Canada.
9. Creditors give information about the credit stories of their clients to the largest American credit agencies - Equifax, TransUnion and Experian.
10. The Federal Trade Commission’s Bureau of Consumer Protection also collects information about consumers and credit reports.
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