Financial Matters: Credit Reports

PORTSMOUTH, Va (WVBT) - In today's economy it is important to be in the know when it comes to your credit report. Louise Baber from BayPort Credit Union stops by The Hampton Roads Show to fill us in on everything you need to know about your credit report.

How does information get on your credit report?
Companies that you do business with agree to send your debt information to the credit bureaus who update the information of your credit file. Most credit card and loan accounts are updated monthly on your credit report.

What you will find in a credit report?
-how much debt you accumulated
-how you pay your bills
-where you live
-where you work
-public reports such as tax liens, foreclosure, repossessions, and bankruptcy
-list of businesses that have recently checked your credit

Why your credit report is important:
-Businesses check your credit to make decision about you.
-Credit unions and banks check you credit before approving your for credit cards, loans, ∙Mortgages and auto loans.
-Landlords review your credit to decide whether to rent to you.
-Employers check credit reports as part of the application process
-Insurance companies check your credit

How you can improve your credit score:
-Monitor your credit report and disputes errors
-Pay your bills on time
-Keep balances low on credit cards and other revolving accounts.
-Don't close unused credit cards
-Apply for and open new credit accounts only as needed as new can lower your score

How to order a credit report:
-Free through a website the government set up
-Free via a promotional offer
-By purchasing on e from the 3 credit bureaus (Equifax, TransUnion or Experian)

Watch the Financial Matters segment from The Hampton Roads Show and for more information on BayPort Credit Union, visit them online at www.BayPortCU.org .