Having inaccurate information on your credit report, particularly negative information can seriously affect your ability to obtain credit when purchasing a home or financing a vehicle.
If you believe there is incorrect information on your credit report you can log a dispute.
The simple answer is all debt…
Unless you borrow money from a friend or relative, all and any debt will appear on the records of the debt review companies. Put another way, any loan, credit or finance through a registered financial service provider or registered credit grantor will affect your credit score.
They will able to track the details of all loans or credit purchases. They will have aces to open balances, current installments, payment history and total debt.
Many people find themselves in a situation where their credit score has deteriorated and they have great difficulty obtaining any form of credit. Apart from the inconvenience of not having access to credit cards, personal loans or store accounts, bigger purchases such as vehicles or property will be virtually impossible.
Make no doubt about it, unless you plant to live in a treehouse near the beach and live off the land for the rest of your life, you are going to need credit and you will want to have a good credit score. The better your score, the better your chances of getting credit and, in many cases, the better interest rate you will receive. A good score puts you in a stronger bargaining position with the credit provider as they will see you as a good payer and want to grant you credit.