Importance of credit reports

All of us know the importance of credit reports in our life. Our credit report show our personal information such as your legal name, alias names, addresses, current and previous employers, and date of birth.
We also have that credit report summary showing the following:
- Current and past credit status
- Total number of open and closed accounts
- If the balances of our accounts are current or delinquent
- Public record information such as federal bankruptcy records local government court records, liens, judgments, and child support records (information that can stay in your record for up to 10 years)
- Credit inquires that we use when applying for a credit card or loan
- Detailed account history – very up to date information about your loan payments
- Credit card debt and payment history
- Credit score.
Your credit score is a number ranging from 330 to 830. The higher the number assigned to you, the better your credit is. It increases the chance of you obtaining a loan or credit account.
The Experian, TransUnion, and Equifax are major credit bureaus collect, maintain, and distribute our credit information.
Our credit report does not also end with our financial matters. We also use our credit report for a variety of purposes not related with mortgage and other loan applications.