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A credit report contains information about you which is typically used by various lending agencies when they determination whether or not to allow you access to more credit.

The information within a credit report can also determine the total amount of credit that you may be allowed, in addition to the terms under which you will have to repay it.

If you view your credit report then you will see that it includes a range of personal information including employment information, and credit information.

There are 3 credit report agencies and each may carry slightly different information about you due to discrepancies in the way they collate and report their data.

Inside Your Credit Report

Your credit report contains information not only about you as a person but also as an employee and as a borrower.

This information on your credit report is gathered predominantly from your previous credit applications.

Personal information on a credit report includes -

• your full name
• mailing and residential addresses
• your social security number
• your date of birth
• employment history
• earnings
• current employer

More important than this though is the information about you as a borrower.

All your financial details are contained in your credit report, including negative aspects such as bankruptcy, foreclosures on homes, other repossessions and any court judgments you have received.

A credit report will also record your credit applications, whether followed through or not. Too many applications can have a negative impact upon your ability to apply for further lending.

Credit report agencies

There are three major credit report agencies -

• Experian
• Equifax
• TransUnion

Whenever a prospective lender receives an application for credit from you they will obtain your credit report from one of the above agencies.

Monitoring Of Your Credit Report

As I said earlier, your credit report plays a major role in determining whether or not you qualify for a credit card or loan.

Identity theft issues aside, it is important to regularly monitor your credit report, checking for errors or any unexpected information.

Everyone is entitled to receive one free credit report per year from each of the agencies in addition to additional free copies whenever you are denied credit of any sort.

Checking your credit report is an essential task for maintaining your ability to borrow what you need at the best rates and terms available.

Furthermore, regular checking of your credit report is a useful means of detecting identity theft at an early stage.