Credit Report
Destination of Credit Report
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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