Well, that is what a credit report does! The magical numbers on the credit report can either enhance your chances of getting the credit or diminish the same. The credit score published in the credit report is the financial communication that spells out the message to the lenders of how they need to approach the credit application of a particular client.
What does Credit Report include?
1.Personal Identifiable Information: It includes your name, address, employment information and other details regarding your identity.
2.Credit Accounts: Details regarding loan accounts like car, home, personal, education and others are mentioned. It includes the date of opening of the account, loan amount and payment history.
3.Credit Inquiries: This includes the list of all those people who had assessed your credit report during the last two years. It includes both hard and soft inquiry.
4.Public collection and records: Credit bureaus collect all sorts of information related to your financial health including bankruptcies if any.
Why is Credit Report Important?
Imagine you had to apply for a car loan. You approach a financial institution and they ask for your credit report which you fail to submit citing the reasons which are difficult to interpret.
Do you think the financial institution will put its millions at stake? Definitely not! To ensure that getting credit is never a problem, the credit report is important for the following reasons:
1.To determine the lending rates: Credit reports are studied before finalizing on the interest rates on loans. The higher the score the lower are the rates and vice versa.
2.To get the loans approved fast and without any hassles: A positive credit report will enhance the chances of getting a loan approved fast in comparison to those who don’t have one.
3.Growth of the business: To attract investors to invest in your company, you need to have a credit report which is favourable and communicates well about your financial well being.
4.Higher loan limits: If the credit report is sound, the banks will increase the credit limits for the clients and thus the business can grow at a better rate.
You can approach Credit Blue Print for getting your credit report in Philadelphia. When the communication is free the chances of a favourable report get enhanced. Vouch on their expertise and give the necessary details so that a detailed report can be generated which can be used while applying for credit.
Herry John is the author of this article.To know more about Credit Report Philadelphia please check our website for more info :creditblueprint.net