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Points to Know About Your Credit Report

· Finance,cibil score

Understanding your credit report gives you a better picture of the financial situation. Here are some important things you need to know about your credit score report:

1. The credit report shows you what you can or cannot purchase

With the help of your credit report, you get the idea of your financial situation and can see the things you can pay or the ones that are beyond your repayment capability for now.

2. It shows different credit scores

You may have some different credit score provided by varied sources. While many of these scores are based on credit report information generated by one of the sources, competing websites may estimate the score by asking certain questions about credit usage.

3. It shows your behavior influences

The credit report gives you a clear idea about the key factors used for calculating credit scores, such as personal bankruptcy, missed payments and high credit card balance. It is easier to lower the score than to raise it. So, with the help of the credit report, you can make better financial decisions for investments or debt consolidation to improve credit score rather than spoiling it.

 

Read Also: Things you should know about your credit report

4. Inaccurate information may influence the credit report

You must check the credit report at least once a year. It gives you a clear picture of where your money is being spent. If there is any inaccuracy, you can raise a concern, as some inaccurate information could be bad for the credit report.

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