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Credit Reports

Some older people first applying for credit may find themselves in a catch-22. They want to establish credit, but may be denied credit because they do not have a credit history. In the past, they may have pretty much paid for things without borrowing money or establishing credit, but now they want to borrow money or get a credit card. However, if this problem is yours, it should not be insurmountable. Even if you never had a mortgage, most likely you have paid electric bills, telephone bills and other regular bills over your lifetime and will have a credit report, which is the primary source of information used to determine whether you will be granted credit or not.

A substantial amount of otherwise confidential information is found in a credit report. The report includes personal information such as name, age, social security number, home and business address, employment, previous addresses, marital status, spouse’s name and number of children. It also contains financial information such as estimated income, value of car and home, bank accounts, credit accounts, payment history, credit limits and mortgages. Public information such as tax liens, bankruptcies or court judgments is also included in this report. The material contained in your credit report is updated regularly.


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