Information About Your Government Credit Report

A Government Credit Report is something that you should always be careful of. Make sure you do everything within your means to keep a good government credit report. A bad Government credit can make or break when it comes to purchase a car or house or apply for loan of any kind. Once you’ve messed up your Government report, it takes years before it gets back to normal. That’s why it is advisable to keep it good at all times taking the necessary precautions when required to maintain it. It will save you all the trouble that you will go through to get it back to good.

When you make any transaction it involves a credit report, that gets recorded with 3 different agencies, namely: – Experian, TransUnioin and Equifax. These agencies were setup to collect credit information for all potential loan applicants. Since information available to them is similar and possible that sometimes one may have more information about you than the other, it is always advisable to check your government reports for all 3. However, it is not necessary to spend money to receive all three since the government has come up with the Free Report policy to provide the citizens one annual report. The Report has a lot of your personal information including your place of current employment, which was the last place you were withdrawing your salary from etc. this report of the government will also have the listings of your credit account you have including your utilities. It also has you payment history for the lenders to ascertain if they can give you anymore credit.

Towards the end of the credit report will be the information detailing who and when your report information was shared with last. This will keep a track of everyone and every company that has requested to view your report. That’s why it is very important to make sure you pay your bills on time to avoid risking a bad Credit Report. Like mentioned earlier a bad credit report will take years before it gets back to a good report.

To maintain a good credit report you must open a checking or savings account. These accounts will not only be considered as a valid credit account by the lenders but also be taken into consideration to show your financial stability. An account without any check bounces is sure to get a good credit score.

Do not keep too many credit cards. Every time you apply for a loan or credit, your score goes down by 10 points. Close all accounts that you aren’t using. All open accounts are considered to be potential debts. Pay your full balance if possible or at least try to pay off more the minimum amount due. Try to avoid using your card for payments that you may not be able to pay off immediately. Pay your bills on time. Spend your money sensibly. Keep a check on your credit card don’t let the balance on your credit card go 50% above your credit limit. Try to stay at one place, if you have changed your residence recently you will be less likely to get a loan or credit. Don’t jump jobs, skipping jobs repeatedly also gives you less credibility and also shows instability of income.

To get more information on your government credit report you can log on to the internet and there will be a lot of articles that might interest you. So be careful and spend wisely.