What is a credit report? It is a summary of your credit history, compiled by Equifax or TransUnion, based on information submitted by lenders and other companies such as banks and telecommunication companies. Remember that credit reports can include your mortgage, credit cards and loans and your mobile phone account. What is a credit score? A number showing how well you use credit, the scale runs from 300-900. When it comes to credit scores, the higher the number the better. In addition, missed payments generally stay on your credit report for up to 6 years. To build a credit history, you need to use different types of credit over time. It is not advised to apply for many credit cards at once. If you want your credit report, you have free options. If you order it online, you have to pay. However, if you order it by phone or mail, it is free. What’s included in a credit report? When you have opened accounts, missed payments, if you go over your credit limit and whether or not you pay on time.
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