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What is Your
Credit Rating
Anyone who has ever had a
bank account, a mortgage, a credit card, a car loan, an account with a
retail store etc. will almost definitely have a credit rating.
Most information in your credit rating comes from companies you have
credit with such as the banks, department stores, finance companies etc.
as well as from certain public records such as lawsuits, tax liens,
judgments and bankruptcies.
In accordance with Federal Law, accurate negative information, such as
late payment or an account turned over to a Collection Agency can remain
on your credit report for seven years.
If you have been denied credit, insurance, a job or rental dwelling
opportunity because of information contained in your credit report, you
are entitled to a complimentary copy of your report within 60 days. If
after checking you believe the information to be incorrect you may file
a brief statement explaining why. Inaccurate information on your credit
may be removed but no one can have accurate, current or verifiable
information removed from your record.
Credit reports are usually divided into five sections:
-
Your credit history
-
By who your history has
been reviewed by
-
Information you have
given to the Credit information company
-
Specific Identification
information on you
-
Explanatory notes and
comments
Different states have
different conditions that guide credit reporting. |
