Credit Countdown to 2018 – Tip #1: Know What a Credit Report is

The holidays are just around the corner, and with 2018 fast approaching, now is the time to start your holiday credit countdown for a new year, new score!

To start your credit journey, first, you need to know what a credit report is. A credit report is used to calculate your credit score, a numerical value assigned to an individual and calculated by looking at all aspects of a credit report – the good and the bad. A credit report provides information on your credit and status of your credit accounts, which can include history of on time payments, amount of credit you have, and overdue debt from collection agencies. All credit reports provide the same categories of information, which include:

  • Personal identifying information such as your name, address and social security number
  • Trade lines, which are your credit accounts like a mortgage and car loan
  • Credit inquiries that provide a 2-year history of everyone who has accessed your credit report
  • Public records and collection, which can include bankruptcies, foreclosures, liens and judgments

Your credit report holds personal and sensitive information, and if you have no or a low credit score, your ability to participate in society can be limited – like prepaying your utilities instead of being billed, having a prepaid cell phone instead of a regular cell phone plan, and not being able to get an unsecured credit card to buy what you need in life. But there are steps you can take to improve your credit score, like paying your bills on time – and this includes your monthly rental payments!

If you are one of the 100 million Americans paying rent, solutions like RentReporters can help you build and improve your credit score by reporting your on time rent payments to TransUnion.

Get ready for 2018 the right way by taking control of your credit today.

For more information on RentReporters, visit here.

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