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Credit Report Review

What Is A Credit Report?
A credit report is a record of your financial history, detailing everything from auto loans and credit card balances to liens and bankruptcies. Generally, the information found on your credit report remains on your report for seven years. And, while not an official part of your credit report, credit scores are “grades” based on the report’s information.

For today’s home buyers and refinancing households, having a good credit score can mean access to lower mortgage rates and mortgage programs with smaller downpayment requirements.
However, your credit scores are used in other aspects of life as well:

• Insurers can use your credit score to determine your premium schedules.
• Employers can use your credit score to determine whether to hire, promote, or reassign you.
• Landlords can use your credit score to determine whether to rent you a house or apartment.
• Government and judicial agencies can use your credit score for program eligibilities and legal matters.

Your credit report is your first impression in the financial world. It will often be used to estimate your level of financial responsibility. This is one of the many reasons why keeping your credit score high is paramount.

Understanding what’s in your credit report is an important part of managing your finances. You are entitled to a free credit report once per year from each of the three major credit reporting bureaus. You are also entitled to a free credit report if you are denied credit or business and personal loans.

To obtain a copy of your credit report, you may contact one of the three major credit bureaus (Equifax, Experian, TransUnion).

Once you receive your credit report, Exodus Financial can help you understand what’s on your report. During a Secure and Confidential Credit Report Review with a certified credit counselor, you can expect:

  • A complete review to help you read and understand what’s on your credit report.
  • An individualized plan listing steps to take to improve your credit report and/or score.
  • Information on your rights with regard to your credit report.
  • Specific tools and resources to fix errors on your report.

When it comes to credit reports, what you don’t know CAN hurt you. Your credit report is used in many areas of your life:

  • By lenders to determine rates for credit cards, home and car loans.
  • By employers as part of the hiring process.
  • By landlords making rental decisions.
  • By insurance companies in determining your premium rates.

Have a quick question?

Call (301) 772-0777 to speak with a certified credit counselor to get trustworthy answers to your questions.

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