Personal Credit Report

By: EconomyWatch   Date: 28 August 2009

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Personal credit report is the statement of all your credit related activities, which is why maintaining it well also implies that your financial state is creditworthy. Perhaps this is a reason why ‘credit reputation’ is sometimes used to refer to ‘credit report’ as well.

 

As personal credit report contains information that is specific only to credit related activities. Your non-credit activities, good or bad, are not on these reports. However, activities like check bounces are reported to other bureaus called ChexSystems.

 

ChexSystems and Personal Credit Report

 

ChexSystems enable banks to run an inquiry about you before they let you open a saving account with them. They maintain complete information about people who have bounced a check or owe bank some money (not necessarily on credit.)

 

A bad history with any bank implies that you will have problems in opening saving accounts with other banks as well. However, ChexSystems does not have any direct effect on your personal credit reports.

 

How to Apply For a Personal Credit Report

 

Depending on the country that consumers wants to apply for a personal credit report, one can request for credit reports that are either free of charge or based on a premium. Countries like the US, Canada, and Australia have mandates that allow the citizens to order one free credit report from each of their leading credit agencies, annually.

 

Additional information is as follows:

 

  • Citizens from the US can log on to www.annualcreditreport.com for ordering a free credit copy from all the leading credit agencies once a year.

 

  • Canadians can request for any number of free credit reports throughout the year. However, their requests should be in writing and the report should be requested through mail.

 

  • Those who are Australians need to write to their respective credit agencies for a free delivery of credit reports

 

 

Other than these, there are websites of credit agencies that deliver free credit reports in their trial periods. However, the trial period should be cancelled before it matures and gets charged.

 

Once you get your personal credit report, read it carefully and check for any factual or clerical errors. Any wrong information can become a reason to indicate failed/faulty.

 


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