This is a detailed background check on all your past credit payments and other financial information.
Contents of a Credit Report
- Your personal information to prove your identity for example your name, date of birth, employer, current address
- Credit accounts, shows all credit information in previous and current credit cards including the information of the creditors
- Public information; contains public records on information on overdue debt collection, civil lawsuits, bankruptcies, foreclosures, etcetera.
- Inquiries. All the business that had checked your credit report. The credit report is used to determine your credit score. Lenders use this report to determine your eligibility for taking a loan
What lenders see on your credit report
- Previous payment report
This shows a history of your previous loan borrowing and payments in the last few years that shows the amount you borrow in a relation to the credit limits, late payments, arrears if you have. All this accounts to the kind of person you are when it comes to loan repayments
- Civil Information
This shows all the information on county court ruling regardless of its status
Knowing your current address is very important to lenders so that they will locate you in case of any problem. Your current address is shown on your electrolyte roll status, you must show up as a registered voter in your credit report
- Recent credit applications
If you had recently filled an application in it will show up on your credit report
Joint accounts. If you ever had a joint account or you currently have one, the person you have partnered is found to have problems with loan repayments or anything to discredit him or her it might have a very negative impact on you.
Loan lenders use your credit score file to judge if they can trust you to pay them back, it is advisable to keep a credit record for an instant and quick loan approval.