Online Guide to Modern Living  
Magopedia Home Page Modern Guide to Fashion Modern Guide to Finance Modern Guide to Pets Modern Guide to Food and Drink Modern Guide to Leisure Modern guide to Health and Beauty Modern Guide to Appliances Modern Guide to Home Care Modern Guide to Transport

Guide to Credit Reports

Credit Report

Find out more about Credit Reports

Elderly people still view credit as a really bad thing however in today’s society there are very few of us who don’t have some sort of credit whether it be a mortgage, student loan or even small store cards.

The credit statistics that we found were totally amazing: more than 220 million people in the United States of America have some type of credit! There are about 1.2 billion credit cards in circulation in the United States. The average United States citizen has nearly three bank credit cards and nearly four retail credit cards. Trying to work out the average debt per household is tricky but it works out as somewhere in the region of $19,000 per household (not including mortgages)!

Due to high education costs student are also joining the credit culture of today. While parents may think that their children have credit cards for essential living costs in reality they are using the cards for impulse buying and luxurious living! On average an American student owes around $4,000.

Your credit report is accessed by many companies and individuals every day. Your employer may look at your credit report if you go for a job or a promotion. The list of other people that can access is as follows:

  • Landlords and household utility companies
  • Mortgagers
  • Lawyers and Courts
  • Hospitals
  • Dentists
  • Insurance Companies
  • Retail Stores
  • Banks
  • Car Salesmen
  • Phone Companies

The list is endless and basically encompasses anyone who can offer just cause for doing so.

In the United States the credit reports are stored by “The Big Three” namely Experian (formerly TRW), Equifax and TransUnion. When you apply for any credit then a credit report is usually provided by one of them, if not all three. The information held by these credit report companies is very reliable and is held in good esteem. There are many other credit bureaus around the country however they are much smaller and are not relied on to the same amount.

In the environment we find ourselves in it is more important than ever to have a good credit score and it is important to check your credit report thoroughly. Don’t rest on your laurels, be pro-active and get your finances in order. Credit reports come in many guises. You can obtain consumer credit reports, a business credit report, property credit reports, employer credit reports and mortgage credit reports. There is a lot to get your head around so start learning because no body will look after your money as well and as carefully as you!

We have done a lot of research into the credit climate of today to bring you an essential guide to the credit culture in which we find ourselves. Please browse through the pages on this site in order for some help on all your credit queries.