What is Credit History?
Credit bureaus gather and compile information supplied by your creditors. Credit bureaus are privately owned companies, not government agencies. Currently the three most prominent are Equifax, Experian and TransUnion. The information they gather includes how much of your total credit limit you still have available in your combined accounts, whether you’ve made late payments, whether any of your accounts has been referred to a collection agency. Typically creditors send monthly reports of their customers’ credit activities to the credit bureau to which the creditor subscribes. Credit bureaus only compile the data reported to them; they do not verify the accuracy of that data. It is the responsibility of the credit grantor and consumer (that’s you) to ensure that the credit record is accurate. For many years The Fair Credit Reporting Act has ensured that a person denied credit, has the right to see their credit report at not cost. It also specifies the rights and responsibilities of cred
Your credit history is a record of all past financial commitments, as well as an overall at your total debt load. This checks your credit worthiness. How Did I Get a Bad Credit History? If you had previously taken a loan and you have: • Arrears in payments. • Default or Missed Payments • Failure in fulfilling a financial contract • Filed Bankruptcy not more than 10 years before the date of enquiry • County Court Judgments How Do I Still Get My Wheels of Change? You get a bad credit loan for your hot wheels. You can get your SUV, jeep, car MUV or any other vehicle you want with bad credit car loans. What are My Options? There are two types of bad credit car loans: Secured Bad Credit Car Loans: These have low interest rates and the repayment term in also flexible. But to borrow a secured loan, you will have to offer your property as a security to the lender. You are also taking a risk on your property that could be repossessed if you fail to keep up your repayments. Unsecured Bad Credit
Credit history is a report which documents anything related to how an individual managed their credit. It includes information on borrowing and repayment of credit cards, bank and car loans, mortgages and any other debt owed to a creditor. An individual’s credit history will not only include open accounts, but includes any credit card accounts and loans applied for or closed. A credit history lists late payments, defaults on loans and bankruptcy. A credit history is one factor that determines a person’s credit score. Things considered negative on a credit history include, bankruptcy, late payments, high credit card balances and defaulting on a loan or credit card account. These negative marks contribute to a lower credit score. A good credit history is important for a number of reasons. Credit card companies along with banks and mortgage companies want to provide loans and credit to people who are considered a good risk. This means people who will payback the money. If a person has a p
Credit history is a person’s history of borrowing and repaying money. It is often a very detailed breakdown of information including when and how much you have borrowed, when and how much you have repaid, details about any late payments you may have had (normally when 30+ days overdue) and whether or not you have gone bankrupt in the past. Major lenders such as banks, credit cards, mortgage companies and auto loan companies look at a person’s credit history to determine their ‘credit worthiness’ – essentially, whether or not to lend them money. Lenders may also look at a credit history to determine what interest rate to charge for a specific person.
