Money Report

A money credit report is an important aspect in anyone's financial life. These reports are utilized by lenders and creditors whenever you are applying for short term bridging loans. There are basic components on the report that determine your capability to receive financial support. As a result, it is important that all individuals understand each component of the report rather than simply knowing the credit score. Money credit reports and scores indicate a detailed record of an individual's credit history. They contain information regarding the past loans acquired from financial institutions and their repayment details. They contain information about late loan repayments and how the individual pays of their bills.

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Credit card information

Information about the individual's credit card is also maintained in the reports and scores. There is information about every credit card owned by the individual and basic information about when the account was opened, the history of payments of the cards, balance remaining in each of the cards, the credit limit and information concerning account delinquent. If the account has been previously sent to one of the collection agencies, this information is likely to appear on the report. The reports also contain information about the individual's financial history that is important to the public. This includes sued cases, pending lawsuits, cases of bankruptcy, property foreclose and cases of tax liens. Inquiries made by the individual while applying for their credit card is also included in the report.

Personal information in the report

The reports also contain basic personal information such as name, current and previous employers and addresses among other personal details. However, private information concerning your marital status, religious beliefs, race, political affiliation, arrest records and saving and checking accounts information are completely omitted. Delinquent information regarding delayed payments and bankruptcies that occurred several years ago is not allowed into the report.

Credit bureaus

Money credit reports are maintained by agencies referred to as credit bureaus. Whenever you apply for a credit card or for a loan from the bank, the agency matches the information identifying you with the information they have about you in their files. This is the reason why the information provided to these agencies by the creditors and lenders should be as accurate as possible. The information is capable of determining your capability to repay off the loan in the required time.

Cleaning up a credit report

People with poor credit reports can initiate ways on how to clean them up. First of all, everyone has to identify items in the reports that pull down their credit score. Understanding the areas bringing you down is the only way to understand how to avoid them. If you do not understand how to analyze your report, you can make use of a financial attorney who will help you through the analysis and will offer necessary advice on how to bring up your score. It is also important to pay off all the debts and collection accounts. They do not have to be paid off immediately but you can come up with a plan on how to eliminate each one of them one by one. As you work out to keep off debts, it is also good to avoid getting involved in other lines of credit. With a good money credit report, you will be able to benefit from short term bridging loans whenever you face emergencies.