Step 9 – Review Your Credit Reports for Accurate Information

When you apply for a loan, the people at the bank will also research your credit history. They will request reports about you from credit bureaus. It is helpful if you review your credit reports before the bank does. It is also important that you make payments on any unpaid or overdue accounts before you apply for a loan. Doing this work now will help reduce your frustration later.

You might be amazed by the amount of information on your credit reports. Remember, credit bureaus collect as much information as possible to let money lenders know who is most likely to pay and who is not. Lenders typically avoid people who break their agreements by not paying what they owe.

This is What You Will See on Your Credit Reports

Your Personal Information

Your name, address, telephone number, date of birth, social security number, and names of current and past employers

Your Credit Payment History

All of your credit card companies (including department store and gas station cards), banks, finance companies, and mortgage companies

Court Decisions that Pertain to Your Personal Finances

Bankruptcies, tax liens, judgments

Requests Made by Others for Your Credit Reports

Names of financial institutions, landlords, and companies who have requested and received a copy of your credit report

If you see inaccurate information in the report review the tool How to Dispute Errors in Your Credit Report to learn how to correct the mistakes.

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