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Credit Reports. Are they really important?

A credit report is a summary of your financial reliability. It provides summary information on existing debts, past debts and your payment history. It's prepared by credit bureaus or credit reporting agencies for use by lenders, employers and others who, under federal law, have a legitimate need for the information when you apply for a loan, insurance policy, apartment or job.

Lenders voluntarily supply this information to credit bureaus on a regular basis; no federal law requires it. However, access to current and reliable information helps FVSB and others to make decisions about how we can help you more quickly, and efficiently.

What you should know about your credit report.

Many financial advisors suggest that you review your credit report once a year, especially before considering a major purchase.

Your credit report has four parts:

• Identity information
• Public record information
  • Court records outlining any previous defaults or legal judgements against you
• Credit history information
  • A list of your current loans or credit cards, and your payment history
• Inquriies
  • This section shows who has requested your credit report

If you have any incorrect information on your credit report, you will want to report and correct that before you apply for a loan. That way your loan process isn't delayed and you can be eligible for the best possible loan terms.

The Fair and Accurate Credit Transactions Act (FACT) enables you to obtain a free copy of your credit report once a year. Your credit report is only a click away.