What is your Credit History?

Your credit history contains important information that affects you and your financial wellbeing. It is also used by lenders including credit card providers, landlords and even employers to get a better picture of you based on your past and current financial responsibilities.

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Why is your Credit History important?

Your credit history information is used to make decisions that can affect you and those you love.

Most people do not know that  your credit scores are not part of your credit history.

 

However, credit scores are calculated with information found on your credit report and history.

This is why it is so important to frequently audit your credit history.

 

And because this is a compiled report made by the credit bureaus from information provided to them by credit lenders. And because this is information that has passed from one hand to the other, errors occur.

What does your Credit History contain?

  • Credit Summary

    • Provides a summary of open credit accounts including current debt, limits and payment history.

  • Accounts

    • Credit accounts like credit cards, mortgages and auto loans.

  • Account type:

    • Debt is broken into categories like:

      • Installment -where you pay off debt in equal regular installments.

      • Revolving- -where the owed balance may vary from month to month.

  • Account age:

    • This offers a description of how long you have maintained this account. The longer the history without any issues reported the better.

  • Inquiries:

    • These are requests made by creditors for your credit history. These are requests made by lenders during the last 2 years.

  • Potentially Negative Information:

    • Here you find information affecting your credit history and include late payments, charge offs and collections information.

How do I get a copy of my Credit History?

Getting it is easy!

You may obtain a free copy of your credit report.

You can request a free copy of your credit report from www.annualcreditreport.com, once a year from each of the major credit bureaus (Experian, Equifax and TransUnion).

You may also ask for a mailed copy by calling 1-877-322-8228