el Credit Reporto

Much to the dismay of many, a credit report is simply a report card for adults. Potential lenders or creditors will view this report card to determine whether they will lend money to you or not. But lets pause for a moment and be grateful that there aren't parent-teacher conferences for the credit/finance world.

So here is what your adult report card or credit report will be reporting about you:

• Your name or any other alias names you go by.
• Your birth date
• Your current address and a list of past addresses you have lived at.
• Your current employer and any past employers.

Account history (payment history, balances, age of accounts, credit limits, account status):

• Real Estate Accounts- Primary and secondary mortgages on your home
• Revolving Accounts: Accounts with an open-end term
• Installment Accounts: Accounts comprised of fixed terms with regular payments
• Collection Accounts: Accounts seriously past due
• Public Information: Bankruptcy, tax liens, foreclosures, judgements
• Inquiries: a list of creditors that viewed your credit report as part of the credit application process
• Creditor contact info: contact information for any creditor reporting information on your credit report.

So this would be the basic outline of your adult report card. The good news is that it is up to you what your report card says. The bad news is that it is up t o you what your report card says. Remember, there is no try, only do.

For a more official, less sarcastic definition of a credit report please click here or you can visit the credit bureaus directly: Experian, TransUnion, Equifax.