Instant Credit Cheek

How Credit Reports Work?

In the United States there are three major credit reporting bureaus: Equifax, Experian, and TransUnion. Each of these companies collects information about your credit history to create a unique credit report on you. Although most of their information is similar, there are often small differences among the three reports depending on which of your creditors, such as mortgage lenders and credit card companies, provide information to that particular bureau. Some creditors may supply information to one or two bureaus but not all three, and some may not supply any information on you at all.

Credit reports focus primarily on your use of credit. They do not include information on other types of bills. Nor do they show your income, investments, or other assets.

Why You Should Check Your Credit Score Regularly ?

If you’re like most people, you probably don’t think about your credit score unless you’re getting ready to apply for a credit card or loan. There are even people who've never checked their credit scores. It is easy to neglect your credit score. It's not one of those numbers, like your checking account or credit card balance, that you deal with frequently.

Some people avoid checking their credit scores because they’re afraid of what they’ll find when they look. Also, some have a misconception that checking their credit score will affect their credit. Fortunately, as long as you use a credit scoring service to check your credit score, your credit won’t be affected

7 Reasons to Check Your Credit Score Regularly

a. Know where you stand.
b. Keep your credit in good shape.
c. Make sure your credit information accurate.
d. You won’t be surprised at the outcome of your applications.
e. Get insight into what actions hurt and help your credit score.
f. Respond to changes quickly.
g. Know when you might qualify for better credit card offers.