What is a consumer credit report?

What is a consumer credit report?




The convenience and security associated with using credit cards has led to people preferring to use them rather than cash. To survive, we have to buy goods and services that we do not actually produce. Different modes of payments are available including, cash, credit and electronic points. On choosing to use your credit card to pay for the goods and services, all your consumption transactions and history is recorded in the consumer credit report, which determine you consumer credit score.

Consumer credit counseling


Many people use their consumer credit cards to pay for things like gas, vegetables, movies, bus fare and all the other normal consumption expenses. Credit providers offer you the consumer credit card and based on among other things, your general credit score, set your credit card limit. Above this limit, you cannot pay using your credit card. Consumer credit history, especially credit card balances and payments determine the consumer credit rating you get and all these contribute to your general credit score.


free consumer credit report


Consumer credit is a major type of credit facilities and the most active type, with about $2 trillion worth of transactions every year in the US. Consumer credit reveals your real credit behavior and habits. This is because it involves the normal daily activities of life. It is very different from other credit facilities. For instance, the mortgage credit, which you may need only once in a lifetime, meaning that your actions in terms of credit payments and credit behavior is more or less imposed on you by the law and contract of the credit facility. Therefore, the real credit worthiness of a person can be reliably based on the consumer credit information in your credit report.

Consumer credit information


Like the general credit report, the consumer credit information includes, personal addresses, daily transactions paid for, full purchase details, credit limits, credit balances, credit payment history, types and number of credit accounts held, and your consumer credit score. All the major credit reporting agencies and bureaus offer a free consumer credit report as part of the free annual credit report they send to their customers.


consumer reports company


It is very common for people to misuse their consumer credit cards. Especially if the credit card has a high credit limit, you can find yourself overspending, maintaining very low or zero credit balances before due date and this negatively affects your consumer credit score. Using consumer credit cards require a lot of personal discipline, which many people find it hard to have and maintain. Due to this, many people find themselves in problems with their credit providers, resulting to a damaged consumer credit score.

Consumer credit ratings


Taking advantage of the situation, consumer credit counseling is coming up as a widely sort after credit service. It involves being guided by a credit expert on how to well manage your credit consumption at a fee. The counselor guides you on different healthy credit consumption techniques and how to turn them into habits. All the major credit bureaus, agencies and other smaller credit report companies offer this service.


consumer credit repair


Consumer credit involves large volumes of data and transactions, which mean that there are higher possibilities of errors occurring. Errors of commission, omission and transposition are some of the common errors, which may appear on your credit report. It requires a lot of care and checking to notice and correct these errors. In case of a bad credit score, continuous use of consumer credit, timely credit payments, not exceeding credit limits and maintaining high credit balances are some of the consumer credit repair measures to adopt.


Relative to other types of credit, consumer credit can easily be ignored, but it is what defines you and your credit habits without bias.