Credit Report Repair - Know Who Reads Your Credit Reports

Your Credit Report determines your credit scores and your credit riskiness. It is hence critical to understand what goes into your credit report, who reads your credit report, what makes a good credit score range, especially when you need to start credit repair activities. Here we will provide you with the basics of who reads your credit report, what is recorded in your credit report, what is a credit score and where to get free authentic credit reports.

What Your Credit Report Tells. The key criteria of credit information collation in your credit report includes your personal information, credit history on your past and current outstanding debts, collection reports, public record information, inquiries made by lenders and creditors, and other additional information. Your credit score is then calculated from all the information in your credit report with assigned weights to the criteria.

Your credit report keeps your credit history over a period of time and is removed thereafter. Your credit and collection accounts as well as court records are kept up to 7 years from the date of the last activity. As for bankruptcy, information dates back to 10 years from that which is filed.

Your Credit Score Range. The good functional credit score ranges from 750 to 850. The higher the score the lesser the risk you are to your lenders. Any credit score below 620 is deemed as very risky. A credit score which is between 620 and 660 is considered uncertain and you should seek professional assistance. Having a score from 660 to 720 is a challenging proposition which you might wish to start doing some serious credit repair with discipline to manage your personal credit on a tighter control. If your credit score is about 750 to 850, do not let up and keep it at this level..

The Key Parties with Vested Interest to Read Your Credit Report Knowing who reads your credit report is the first step towards correcting your credit problems. It is understanding who reads about you that you map the trail of which aspect of your life you need to rectify. Credit related parties whom you deal with will likely request for your authorization for access to review your credit report and further understand your credit history before granting and credit to you. Related credit parties are namely your bankers, lenders, credit card companies and insurers. In addition to these, some potential employer may also ask for your written permission to access your credit report for testimony of your good credit standing, which could essentially affect whether you are eventually employed.

Get Your Free Credit Report on an Annual Basis Everyone is entitled to one free Credit Report annually with each of the major Credit reporting bureaus, namely Equifax, TransUinon and Exeprian. Also, you are entitled to a free and updated credit report after your credit reporting bureau makes changes and verified them in your report. A credit report is not a static statement of your personal accounts but a fluid one which are prone to errors. We suggest that you carefully review your credit report at least annually to ensure accuracy.

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Joey Lee has 17 years of banking, financial, business & marketing experience, holds a CFP & an Executive MBA, and a Platinum Ezine Author. Learn authentic Credit Repair skills and comprehensive information on Credit Repair Tips , credit reports, credit scores at CreditRepairSkills.org