What’s the deal with my credit score and credit report?

Posted by Wesley Scott on April 27, 2020 at 1:15 PM
Wesley Scott

Your credit score is a number that measures how likely you are to repay loans on time. It essentially assesses the risk of an individual not being able to pay back that loan.

Your credit report is a detailed history of most of your credit using. Credit reports do not always include all debt or loans you have taken out, so beware of that. Your credit report generally states the “who, what, where, when, and why” of a credit transaction. The credit report will also tell you if you have paid off certain debts and if you make your monthly payments on time.

Institutions are not required to report to the credit bureau, so be apparent about keeping track of your debts, bills and monthly payments. In addition to keeping track of what is not on your credit report, you should become aware of what is on your credit report. It is up to the consumer to be informed of their credit history and current usage, as well as correcting any inaccurate or incomplete information. If there is inaccurate information, we suggest to first contact the reporting company that produced your credit report. You may file a written report and they will be required to investigate and will contact the credit organization about the discrepancy. If that does not solve any problems, dispute the information to the creditor.

There are many different institutions that have access to your credit report; those include, but are not limited to: creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, em­ployment, renting a home, etc.

Call Now For A Free Strategy Session With A MN Bankruptcy Lawyer 

Good credit and a clean credit report are extremely beneficial in this ever-transitioning world we live in today. Look  us up online at www.kainscott.com if you have additional questions or start a chat with one of our team members for instant answers!

 

Take the first step toward  getting your life back  Let us help you get started on your road to a debt-free life Sign Up for a Free Consultation