Top 10 things that credit report can do for you

Credit report is a valuable source of information that can help you in controlling your financial status. You know what credit report contains:

1. Credit report does not only contain information about your credit cards, loans and mortgages but it also includes anything that involves giving you credit, from your mobile phone account to a shopping catalogue.


2. Credit report gives you complete details about what you owe and the status of your credit agreements. This helps you keep track of any financial commitments by seeing all your borrowing in one place.


3. It contains information about the details about the organizations that have given you credit.


4. It keeps track of your credit applications. These stay on your report for 12 months, so you can quickly check that you aren't re-applying to a lender you've already considered who's rejected you.


5. It also shows if any lender has misunderstood your request for information as an application or has searched your report more than once in response by mistake.


6. Your credit report can help you protect against identity theft. If you don't recognize searches on your report, it may be the case that someone is applying for credit in your name. If you fear that you may be a victim of identity fraud, alert your lenders and the authorities immediately.


7. It keeps track of whether you are registered to vote at the existing address.


8. Keeps the list of all addresses where you have lives at so far.


9. It gives an overview of your repayment history over time. Your credit report tracks your repayment history for every credit account you have ever opened. It can act as a reminder that you had problems with a particular lender or account and shows which lenders are most likely to make you an offer in future.


10. It can be amended if you disagree with an entry. If there is an entry on your report that you do not agree with, you should be able to remove this provided you have the necessary proof.