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Knowing where you stand: What the credit report doesn't know
If you have had a shaky history in some areas – you can find that you are weary to make applications to banks and building societies should you be looking to get credit. However, there are some things that are not included on your credit report, which can relieve any concerns you may have of a financial institution holding you to account – which can in turn worsen your credit report in the process. Here, we are going to tell you what a credit report doesn't know about you.
One of the main misconceptions regarding credit reports is that savings accounts are held on file in order for a lender to be able to reference the assets that a person has. Contrary to the beliefs of many, this is not the case. Because having a saving account has nothing to do with the credit situation of a person, this is excluded from the report that financial institutions see.
Credit reports have been made so that the only information which is available to be seen is the data which is relevant to whether or not a lender should give an applicant credit. This can also mean that the salary which you receive from the employment you have will be excluded from the report which is distributed.
Any missed payments which you may have experienced in the past are only stored on your credit report up to a point, and this point is usually six years. For example, if you are reading this in March 2011, only payments that you have missed during or after March 2005 will be included on the credit report that is sent out.
Now – as much as applications that have been denied may not be shown on a credit report, a lender can usually establish successful and unsuccessful claims by seeing what the financial commitments of the applicant are at the current moment. Even though the lenders may be lacking in some information in certain areas, the data seen in others can be a great way for the banks to glean more information into the rest of your financials.
You can rest assured that the credit reports do not know all about your financial situation – however, just because this is the case doesn't mean that you should be any less careful about keeping your record free of missed payments and other black marks which can affect your applications in the future.