DETAILS OF A CREDIT
There has been too many complaints about credit cards lately as most people tend not to understand what and how their credit works for them. In today’s blog post, we will be discussing some basic terms concerning credit.
KNOWING YOUR CREDIT
Knowing your credit report makes you keep records of the debt you are accumulating and keeps you in check for the next credit you want to apply for. A credit report shows records of all your payments, current debts, and your financial information.
The credit bureaus collect and maintain a timely history of all your credit activities as reported by those you have credit with. Credit bureaus collect information about individuals and corporate bodies and create credit reports for them.
Credit reports also list credit inquiries and details of accounts turned over to credit agencies. Generally, credit reports also retain negative information for seven years, while bankruptcy filings typically stay on credit reports for about 10 years.
A credit report consist of your credit accounts, including revolving credit accounts, such as credit cards, and installment loans, such as mortgages or auto loans. It also includes creditor names, account numbers, balances, payment history and account status (including whether the account is past due).
A credit score gives you details of all your credit deals and also keeps you in check for more credits or otherwise
A Credit expertise is one who advises you on how to go about your credit cards and also maintain your credit score.