Must know facts about your credit report
15 items ranked
The credit report is ground zero when being considered for loans. Here are the top facts you should known about your credit report.
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1.
Negative report stays on credit for seven years
a negative report will not fall off your report until 7 years after the date of the original delinquency.
20 points - added 13 years ago by kris -
2.
Low debt-to-income ratio is ideal
The ideal ratio is under 20%.
19 points - added 13 years ago by kris -
3.
Review it at least once a year
It is important to review your credit for discrepancies, errors or possibility of identity theft at least once a year.
18 points - added 13 years ago by kris -
4.
Mistakes can be corrected
If you find an error on your credit report it is possible to dispute it and request a correction.
17 points - added 13 years ago by kris -
5.
Only voluntary hard inquiries affect your credit
When you apply for a loan application this is considered a hard inquiry and impacts your credit. A soft, or involuntary, inquiry does not impact your credit.
16 points - added 13 years ago by kris -
6.
Inquiries indicate risk to creditor
15 points - added 13 years ago by kris -
7.
You can receive credit report for free but credit score for a price
14 points - added 13 years ago by kris -
8.
One-time payments are viewed positively on your report
13 points - added 13 years ago by kris -
9.
Late payments hurt your credit
12 points - added 13 years ago by kris -
10.
Bankruptcies and charge offs are viewed negatively
11 points - added 13 years ago by kris -
11.
Scores changes as your handle on credit changes
10 points - added 13 years ago by kris -
12.
Score is strictly calculated by credit-related information
9 points - added 13 years ago by kris -
13.
Keeping credit balances low is a positive
8 points - added 13 years ago by kris -
14.
Length of credit history affects your credit report
7 points - added 13 years ago by kris -
15.
Types of accounts affect your credit report
6 points - added 13 years ago by kris -
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