Credit Reports: What Your Credit History Says About You
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Your credit history is very important because it can affect your ability to get a job and qualify for items, such as credit cards, loans, and insurance. If you are wondering what your credit history says about you, this article can provide you with the answer.
Who Can See Your Credit History
Anyone who has a permissible purpose can look at your credit report and judge you based on your credit history. Companies, individuals, and groups that may be checking your credit history include:
• Lenders
• Insurance companies
• Landlords or potential landlords
• Employers or potential employers
• Government agencies
• Child support enforcement agencies
• Anyone you have given written permission to
Your Credit History as it Appears on Your Report
Your credit report contains every aspect of your credit history, including details about when a credit or loan account was opened, the limit of the credit or loan amount, the payment terms, and a complete history showing whether or not you have paid on the account and when. Closed or open, these accounts stay on your credit report for 7 to 11 years from the date of the last activity.
Your Credit History as it Appears to Others
If you have no credit, it doesn't look bad, but it doesn't look good either. No credit is a sign of inexperience and may cause lenders and creditors to hesitate before loaning you money. A good credit history shows that you are a responsible debtor and take bill paying seriously. A bad credit history reflects poorly upon your character. Even though lenders, creditors, insurance companies, and employers know that things can sometimes happen and your credit history can be inadvertently affected, they may not be willing to give you a second chance. And if they are, you may be saddled with high rates or unreasonable terms.
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Obtaining a Free Credit Report
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