Credit Report Basics

Posted: Saturday, May 13th, 2017

Credit can be a tricky thing. Most people don’t know about the many factors that can influence your credit report. Here at Green Light Auto Credit, your St. Louis area auto loan headquarters, we’re happy to present this guide on credit report basics. Learn how to read your credit report so you can keep a better handle on your credit. After you’ve learned all about reports, contact us to find out how to finance a new or used vehicle.

What’s in a Credit Report?

Credit reports include a record of your credit history, but that’s not all. Let’s take a look at all the information you’ll find on your credit report.

  • Account Information – This category includes information about all of your lines of credit, such as your credit card, mortgage, or auto loan. It also includes the specific date the accounts were opened, your credit limit, and current balance. Any negative information like delinquent payments or bankruptcies will appear on here as well. All of this information goes toward figuring out your credit score.
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  • Personal Information – While this isn’t used to calculate your credit score, your name, address, and social security number are all used to identify you. This is updated by your lender, but to help prevent against identity theft, it’s a good idea to make sure it’s accurate.
  • Credit Inquiries – When you apply for credit, you’re authorizing the lender to access your credit report. These inquiries show up on your report so you can know who is accessing your information.
  • Most information stays on your report for seven years, although bankruptcies and tax liens stay on for longer. Experts recommend checking your credit report every 6-12 months to ensure the information is accurate, and you can easily request a credit report online, by phone, or through the mail. You can also request the report from all three major credit reporting agencies at once, which gives you increased peace of mind.

    Visit Green Light Auto Credit for Credit Basics

    One of the ways you can build credit is through a low-cost auto loan. That’s where Green Light Auto Credit comes in. Our financing experts work with a wide network of lenders to make sure you get the best rate, even if you have bad or no credit. Not only that, we work with a large number of dealerships to make sure that no matter what your preferred make or model, you can get it. Contact us today to find more information about how you can build your credit.