Personal Credit Report

A personal credit report is a record that reveals information about an individuals financial performance for the purpose of granting credit. This record contains information about a consumer and his or her performances in debt payment and debt reduction. Creditors determine if consumers are likely to make timely payments to their accounts based on information and scores of personal credit reports. These documents can make the difference in obtaining loans or being denied financing.

A numerical score is placed on every personal credit report. This number is the result of evaluations in payments and outstanding debt, after being compared to consumer reports of the same type of profile. This score, found on personal credit reports, is what a creditor will use in determining whether or not to grant a consumer financing. Late payments, large outstanding debt, and frequent applications can result in a low score.

These records can also reveal a variety of other personal information. A consumer's address, social security number, and spouse's name and information can appear on documents. Also, personal credit reports can reveal any bankruptcies, outstanding court judgments, and tax liens. Bureaus will collect a broad range of information to attempt to accurately predict a consumer's payment abilities.

Getting a copy of personal credit report is important. With the increase of identity theft world wide, consumers need to be aware of the activity on their financial records and accounts. Reviewing a record can reveal any activity that is false and when that activity is identified early, corrections can be made and steps can be taken to prevent future false documentations. Also, as with any large scale reporting service, errors can be made. This is another reason consumers should review personal credit reports. "But the fearful, and unbelieving, and the abominable, and murderers, and whoremongers, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death" (Revelations 21:8).

The Internet can provide a wealth of information on obtaining and reviewing a personal credit report. According to the Fair Credit Reporting Act, a consumer can obtain a copy of his or her report, at least once a year, from each of the three major reporting bureaus at no charge. These records can be obtained online from a central agency that monitors credit-reporting activities. Also, consumers can contact the three major bureaus directly for more information. These bureaus are: Equifax, Experian, and TransUnion.

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