Learn tips and hints on how to get your credit score and credit report protection.

Credit report and credit scores refer to a credit rating system which monitors a person’s financial handling and personal information. Information pertaining to this is provided to the credit reporting agencies either by the money lenders or the court system. You have two places to get this type of score at a free 3 in 1 credit report or the annual credit report.

If a remark is entered in a person’s report it is very difficult to remove the same for quite some time. While this is not a problem if it is a positive one, a negative remark could seriously impact the person’s buying power for years to come. If proved to be correct, these remarks are likely to remain on the person’s report for up to seven years. In the instance of bankruptcy, negative remarks will remain on the report for even ten years.

Your personal information on the credit report is usually obtained by the agencies from the creditors. Information include

1. Correct name along with maiden names

2. The social security number

3. Accurate date of birth

4. Previous and the present postal address

5. List of the various companies you were employed in and details of company presently employed in

6. Driving license with details of the state obtained from

Past credit history and obligations whatsoever are also provided to the agencies by the creditors. Such details include –

• Date when the account was opened

• Account type (details of whether it is a mortgage loan, installment loan or revolving)

• Credit limit and account balance

• History of repayment including details of late payment

• Overdrawn accounts and unpaid child support history

Another thing the credit rating agencies probe on is the number and nature of enquiries made by a person while seeking a loan. Too many inquiries in a short span of time is usually considered to be a negative point. Information requested for use in promotional mailings are not considered to be a negative aspect though.

After extensive analysis, the rating agency comes up with your credit score which may be anywhere between 340 and 850. The higher the score, the greater are the chances of getting an easy credit.

The United States has three important credit reporting agencies. These include the Equifax, Experian and the TransUnion. Records produced by these agencies are not likely to be similar as they operate independent of each other. This is one of the reasons why updates and corrections have to be sent to each one of them separately.