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Credit Report

Destination of Credit Report
A credit report is a detailed report of an individual's credit history prepared by a credit bureau. Credit bureaus collect information and create credit reports based on that information, and lenders use the reports along with other details to determine loan applicants' credit worthiness. In the United States, there are three major credit reporting bureaus: Equinox, Experience and Trans Union. Each of these reporting companies collects information about consumers' personal details and their bill-paying habits to create a unique credit report; although most of the information is similar, there are often small differences between the three reports.


Buyers & Seller Credit Report 
Supplier's Credit vs Buyer's Credit. Buyer's credit is a short term based credit benefit that can be availed by a buyer (importer) from a foreign bank or financial institution (also known as funding bank) from importing goods from the seller in the foreign country (exporter).

Suppliers Credit
Supplier's Credit relates to credit for imports into India extended by the overseas suppliers or financial institutions outside India. Usance Bills under Letter of Credit(LC) issued by Indian bank branches on behalf of their importers are discounted by Indian bank overseas branches or Foreign bank.

Buyers Credit 
Buyer credit is a short term credit available to an importer (buyer) from overseas lenders such as banks and other financial institution for goods they are importing. The overseas banks usually lend the importer (buyer) based on the letter of comfort (a bank guarantee) issued by the importer's bank.
Why  Credit Report is Important ?

A variety of businesses check your credit report to make decisions about you. Banks check your credit report before approving you for credit cards and loans, including a mortgage or auto loan. Landlords review your credit report to decide whether to rent to you. Some employers check credit reports as part of the application process. Your credit report affects many parts of your life, so it's important that the information included is accurate and positive.

Your credit report is the sole source of information for your credit score - a number that lenders sometimes use instead of or in addition to your credit report. Credit score is a three-digit number that sort of grades your credit report. High credit scores show that you have positive information on your credit report while low credit scores indicate the presence of negative information.
 How does information get from Credit Report ?
Credit reports are maintained by businesses known as credit bureaus or credit reporting agencies. In the United States, there are three major credit bureaus: Equifax, Experian, and Trans Union. Companies that you do business with have agreed to send your debt information to credit bureaus (at least one of them or maybe all three) who then update that information in your credit report. Most of your credit card and loan accounts are updated on your credit report monthly.
Some businesses don't update your credit report with your monthly payments, but will notify the credit bureaus when you become seriously delinquent on your payments. For example, your cable bill isn't automatically included in your credit report, but if you fall more than six months behind on your payments, the bill might be listed on your credit report as a debt collection.


What Type of Information is Included In Credit Reports?

Credit reports include basic identifying information like your name, address, and place of employment. Misspellings of your name and previous addresses and employers may be listed on your credit report. Sometimes this is because of an error with the business who reported your information. Or, it could be a sign of identity theft.

Your credit report contains detailed information about your credit cards and loans. For credit cards, your balance, credit limit, account type, account status, and payment history are all included on your credit report. Loan balances, original loan amount, and payment history appear on your credit report.

Public records like bankruptcy, foreclosure, repossessions, and tax liens are listed in a separate section of your credit report.

Credit reports include a list of businesses that have recently checked your credit history either as a result of an application you made or a promotional screening. These credit checks are known as inquiries. Your version of your credit report will show inquiries from everyone who's pulled your credit report, including businesses who look at your report for promotional purposes. A lender's version of your credit report only shows the inquiries that were made when you put in some type of application.


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