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Credit Reports
Keys to Great Credit: Know Your Credit Reports
Learn about credit reports, fraud protection, and find out how to improve your credit score.
What is a Credit File?
A credit file that records information about people who have been credit-active during the past seven years. Files are also kept for companies and businesses. Details held on a file include:
- when credit was applied for
- in whose name it was sought
- from what body or institution
- the amount sought and;
- the type and purpose of the credit sought.
It also includes information necessary to identify you as well as information of relevance for credit assessment purposes, such as:
- Personal details (name, address, sex, date of birth, drivers licence number)
- overdue accounts
- bankruptcy details
- court judgements
- details of directorships or proprietorships.
No credit provider is allowed to access files without the permission of the applicable individual.
What does your personal credit say about you?
If, like most people, you have borrowed money (credit card, mortgage, car) then you will have a 'credit file'. And you really should know what's on it. For two good reasons. Firstly, banks, retailers and other credit providers rely on your credit file when deciding whether to lend you money or not. Secondly it's your reputation that's at stake. If you never see your credit file, you'll never know if it's correct until it's too late and then your plans and your future could suffer a serious setback.
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