| Credit profile
Your credit profile is both a summary of your current financial obligations and a record of how well you've met those financial obligations. The information on your credit profile, compiled by credit reporting agencies or service bureaus, usually includes identifying information such as your name, Social Security number, and birth date, employment information like your present employers and your job title, and credit information regarding your open accounts, your balances, and credit limits.
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| Credit reporting agencies
All the information that appears on your credit profile is compiled by credit reporting agencies, or service bureaus. These agencies keep records of consumer debt and how regularly these debts are repaid.
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| Debt consolidation
Debt consolidation is a method of combining all your bills and debts into one monthly payment. By doing so, you not only rid yourself of numerous smaller payments to various creditors each month, but you may also be able to lower your total monthly payments, acquire lower interest rates, and possibly gain tax advantages.
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| Disagreeing with your credit report
If you find an error or disagree with anything that appears on your credit report, you have the right, under the Fair Credit Reporting Act, to dispute the accuracy of the information in your credit file.
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| Fixing your credit rating
Your credit rating is a score that credit agencies use to rate your credit risk based on past delinquencies, negative payment behavior, current debt level, length of credit history, types of credit, and the number of inquiries made on your credit file.
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| Mortgage analysis for home buyers
To make the process of applying for and obtaining a mortgage effective and easy, many mortgage brokers recommend that homebuyers undergo a mortgage analysis before they shop for a loan.
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| Qualifying for a loan
Since mortgage lenders want proof that you're able to fulfill your financial obligations, your credit history can play a significant role in qualifying you for a loan.
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| Qualifying for a mortgage with credit problems
It's still possible for you to qualify for a mortgage even if you have credit problems. You'll most likely, however, be subject to what's known as a 'sub prime' mortgage loan.
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| Slow credit
Slow credit means that your credit report shows that you have a habitual history of paying your bills late. Failure to make your payments in a timely fashion can be just as harmful to your credit profile as not paying at all.
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