Own Credit Report

A credit report is a file that records an individual’s credit history with lending organizations or companies. An individual’s credit report is called a consumer credit report while a company or a corporation also has its own, called a business credit report.

The credit report is also used not only in approving loans, but also in determining the value of loan to be granted for open-value loans and as a supporting document for legal cases if there is a need for it.

In the United States, copies of the lending application forms filled up by applicants are forwarded to the CRA (Consumer Reporting Agency). There are also four non-government credit reporting agencies: Experian, Equifax, Transunion and Innovis. Basically, the CRA and the private credit reporting agencies serve as oversights of each other and complement the other’s efforts.

The credit reports on file can be accessed by authorized lenders who needs to review and assess the loan applicant’s credit history before an application is approved.

Since it is your own credit report, it is just proper that you, first and foremost, should have access to it. You can do this by requesting for your own credit report from the CRA or any of the private credit reporting agencies. Every individual is entitled to one free credit report annually.

It is your right as an individual to be able to check and confirm if all the data in your own credit report is accurate, up-to-date and error-free. Even the basic details like the spelling of your name, your home address number and contact details should be checked meticulously to ensure your best chances of securing a loan especially at a time when you need it the most.