Do I have a credit report?

Are you in doubt whether you have a credit report? This doubt is in the minds of many people who do not even know what a credit report is all about. If you would like to know if you have a credit report, then you should approach your financial consultant. The person will be able to tell you about your credit report. You should know all about the credit report and also about your present credit score before you approach a lender for a loan. This is mainly because of the fact that other than the payday loans lenders, all the other lenders will go through the loan application and also go through the credit report and the credit score to decide whether to give you the loan or not.

Records that the lender has about you

If you are not sure whether you have a credit report, then you should think back and remember if you have taken out any loan. This could be when you were in your previous job or this loan could even have been taken when you were a student. Whenever you had taken a loan, the lender would have had a record of the amount that you borrowed from them. Other than this record, the lender may also have a record of the history of the repayments. If you have repaid the entire pending amount on time, then you may have a good credit report and also a good credit score.

On the other hand, if there was a delay in repaying any of the loans or if there was a time when you have not been able to repay the money because of other financial commitments, then it will be recorded in your credit report and you may even have a poor credit score. This can play havoc when you are applying for a new loan again. So, if you do not know anything about the credit report and are thinking if you have a credit report at all, then you would do well to learn more about it from the consultants who are available.

What to do if the credit report is wrong?

There are some methods in which you will even be able to correct your credit report if you think that there are some discrepancies in the report. Many instances re there when the lender may have made a mistake and filled in wrong data that decreases your credit score. If this has happened, then you can take it up with the relevant authorities and get your credit report corrected. It is important that you try and ensure that you have a clean record of repayment. This is because there could be a financial emergency when you need some money and if the credit score is poor and if the credit history has a lot of defaults on payments, then the lenders will not be able to provide you the money or financial assistance. Other than this, there could be some lenders who will provide you the money in spite of the poor credit score and history, but these people will charge you a lot of interest on the amount that is lent.

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