Your Personal Credit Report

It is too bad more young people do not understand the importance of their personal credit report and how it can affect the next several years of their life. Too many times there are people making bad choices, which are affecting their credit and brushing it off as no big deal. But the fact of the matter is that when you suddenly are in need of getting credit, you may find you are having trouble if you did not take your personal credit report serious before. After getting turned down for loans a few times, you may find that you really do need to start paying attention to what goes on that report.

Mistakes that have been made in the past concerning your payment history and your credit will remain on that report for several years. Even if you make a change and start paying everything on time and even get a better job, those few moments where you let the credit fall to the side will reflect on there for several years. But, the bright side is that lenders will look more at your recent history, such as the past year or two, and make most of their decisions based on how you have been recently. This is a good thing to keep in mind when wanting to make sure your personal credit report shines.

What is Listed

On your personal credit report you will find personal information about yourself such as your past and current address, your employment history, and your social security number. This information is used to make sure it is really you when applying for credit so this is meant to protect you and the company, or lender, involved. Your personal credit report will also give a detailed description of what accounts you currently have opened and even the ones that you have recently closed. There will be information on your payment history and the balances you owe.

And then the next thing that can be found on your personal credit report is that of who has inquired about your credit history recently. This will give a lender a good idea of how many credit cards you are applying for at the same time. If they find too many inquires on your personal credit report, they may consider you to be too high of a risk to lend any money to. The important thing to remember is that the information, be it good or bad, will follow you for several years so make sure your personal credit report is important to you.