Thursday, May 25, 2017
 

View Your Credit History

Financial stability is a state that is desired by nearly all persons in the world. But there comes a time when one is broke as dead and needs an alternative source of income thus using credit as the last resort. But do you know it is not that easy to be awarded credit? Many considerations have to be put in place. Take a look:

Credit Report
It is a clear record showing a person’s credit history from different institutions including banks, the government, credit companies and collection agencies. It always has information relating to
• Credit limit
This is the maximum amount of credit to be ever awarded
• payment history
It shows how one has been honoring his debts.
• date of account opening
This shows when the credit relationship was started basically to determine how long one has been operating a credit account.
• Activeness of the account
To show whether the account is active or not.
• Current balance
It shows the current balance of an account.
After keenly assessing your annual credit report or free credit report gov once an year the credit agencies are able to calculate ones credit score. So what is a credit score?

Credit Score

There are numerous mathematical operations that a credit report will be subjected to and the result of this operations gives a three digit number called credit score. From the credit score essential information is obtained which really assists when awarding credit. This includes:
• the number of years you have had credit
• from the credit available how much is currently in use
• are there cases of late payments
• cases of regular actions or credit applications made
It should be noted that lower credit score may lead to increase in interest rate or at its worst denial of credit.
A caution is always given to members of the public to be aware of identity theft by securing their credential information. Identity theft is when one uses someone else identity so as to gain any financial advantage including access to credit. The fraudsters use others person’s name, identification Number and even credit card number.
An accurate credit report will enable credit agencies to detect any cases of identity theft by closely monitoring credit transactions.

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Conclusion
In any case you desire to have credit, worry no more. All the information is at your disposal. From accurate credit report, to credit score and to identity theft by fraudsters. The ball is in your court. All the best in your credit search.

 

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