What Exactly Is A Credit Score? Credit Report?

Credit Report is a detailed statement of your credit history. It provides lenders the information about how you manage your finances from paying your bills, debts, bill payment history such mortgage payments, settling credit card balances and more.

A particular lender or creditor depends on a larger part on what is reflected on your credit report whether these are accurate or not. Therefore, it is very important for everyone to check on your credit report at least once a year to see if all of the information recorded in your credit history are true and work on repairing reports in your credit history about an error which is needed in order to repair your credit history.

AOL Money has an interesting information about requesting free credit report stipulated under the Fair Credit Reporting Act(available in pdf file) or with a fee with one of the three major credit bureaus in the US: Equifax, Experian and Trans Union.

Reviewing Credit Reports for Excellent Credit Score

A good credit report is just one of your passport to success to multitude of financing matters.

More often than not, most people are not mindful about their finances that they forget to check on the status of their credit score. It should be noted that a good credit score lessens your interest rates for loans and helps you get through successful pending loan requests and others.

AOL Money lists simple steps to keeping your credit score at bay all the time.

Keys to Great Credit: Know Your Credit Reports

A good credit score and solid credit history can get you the house you want at the best interest rate. It keeps credit card interest rates in check and gives you negotiating power with credit card companies, auto lenders and more.

• Review your credit reports once a year: It is the only way to track your credit history, detect credit history errors and fraudulent accounts in your name.
• Obtain your credit score once a year: This number will let you know if you need to repair your credit. A good credit score can save a lot of money through better interest rates on secured and unsecured loans.
• Repair Your Credit: If your pay late because you have too many bills or they are too high, get help with your debt and be proactive talking to creditors.