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When you apply for credit from a bank, a retail store, or any other credit provider, the provider will ask a credit bureau (such as TransUnion) for your credit report. The report is analysed to determine your creditworthiness. A lender will filter the information in your credit report through their credit criteria and decide whether or not to extend credit to you.
It is surprising, therefore, that only 1% of all credit-active consumers check their credit reports regularly to ensure that it accurately reflects the way they manage their debt. If you are one of the 99% that don’t know their credit worth, maybe it’s time you begin to check your score regularly.
Good credit history can be one of your most valuable assets. It can enable you to get credit. It also gives you access to information provided by your credit providers, all in a clear, easy-to-read format.
Every credit-active consumer has a credit report that is compiled by credit bureaus like TransUnion from information provided to them regularly from credit providers. Typically, credit providers report data to the credit bureaus approximately every 30 days.
Your credit report also shows any defaults – accounts that are more than three months in arrears and where the credit provider has noted that you are in default. Your credit report will show you where and how often you have applied for credit in the past 24 months, as well as any court record information, such as judgments.
Regularly view your credit report to stay informed about your credit status and ensure its accuracy. That will help you manage your credit information and can alert you to signs of potential fraud.
Anyone with a credit account or consumer loan should obtain a credit report regularly. We make it easy, convenient, and affordable for you to get and manage your credit report.
