A credit history is your financial autobiography. It lists your name, current and previous addresses, phone number, Social Security number, date of birth, current and previous employers. It may also have your spouse’s name. It lists credit accounts, public records, credit inquiries and any statements of dispute. A good credit history can help you get the best terms on every financial transaction. Learn here how your credit history will affect you.
Credit Watch is a service from Equifax, one of the nation's three major credit reporting bureaus. For about $50 per year, Credit Watch will notify you any time there is a change to your credit history, whether a creditor changes names, or if an account is opened or closed. If you have already been the victim of identity theft, Equifax, Experian, and Trans-Union will put a special hold on your credit history, which requires creditors to contact you personally before issuing credit in your name.
Having a fraud alert on your credit history can make it difficult to gain access to your credit history and credit score. Someone who steals your identity would not be able to open up new credit cards, buy a car or get a mortgage, because the lender would see the fraud alert at the bottom of your credit file. However, a fraud alert wouldn't stop a thief from using one of your existing credit cards to run up your bill.
Under a law passed by the California legislature, all consumers must be given access to their credit scores by July 1, 2001. The other two credit reporting bureaus, Experian and Trans-Union, have said they will make available to consumers their own credit scores, which are not based on the FICO formula created by Fair, Isaac. Giving consumers access to their credit score, a number that lenders frequently said was "too complicated" for consumers to understand, represents a major breakthrough.
Your credit history and credit score greatly impacts what kinds of loans, credit cards and interest rates you are offered. Only a good credit history and credit score will get you the best rates as far as loans, interest and credit cards go. Lenders check your credit history and credit scores and will only offer the best interest rates for loans and credit cards to those with the best credit history and score.
A credit score is like a personal financial SAT. Your credit history is pulled and each detail on the report is assigned a number. The mathematical computation is fairly detailed: Not only does each credit card you own receive a number, but that number is based on the current balance, how timely you make your payments, if you have ever missed a payment, and how much unused total credit you have available at any given moment. Fair, Isaacs decided that they would set up an online service that would allow consumers to view their credit score, and find out what factors were considered in creating the credit score.
Having a good credit score is crucial to getting a good interest rate on a car loan, a home mortgage loan or other loan. Whenever you apply for a loan, the creditor will check your credit report. Having too many creditors check your credit report or score within a month may result in your credit score dropping. When you're shopping for mortgage loan financing credit bureaus will give you 30 days to have unlimited checks of your credit.