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4 Things That Are Not In Your Credit Score But Should Be

Your credit report is used by lenders to determine your credit history and reliability. The information on the report helps lenders decide whether they can to lend you funds or not. A credit report includes information about your debt, the status of outstanding balance from certain lenders, and information about credit inquiries. However, your credit report misses out on details about certain debts, your assets, and the cash flow. Without having a complete look at your finances, the lenders may take decisions that are not fair for you.

Here are four essential things that should be mentioned in your credit report and will help provide detailed information to the lenders.

Assets

The credit report will include information about your financial history that dates back to your first job. It will list only those accounts that are registered with the credit bureaus. However, details about your bank accounts, other assets as well as retirement funds are not included in the credit report. Including these details can help in assigning a well-rounded credit score. Information about your assets can help lenders and banks understand how you manage money and what your resources are.

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Real estate payments

Even if you have successfully paid the outstanding balance, the information of this account will be mentioned on your credit report for about ten years. This will have an effect on your credit score. Individuals who finance a house through a seller instead of a traditional lender will not receive this benefit. A lot of people purchase a house through a seller to circumvent the strict norms in the real estate sector. However, the disadvantage this is that the timely payments will not be reported on the credit report.

Cash flow

You can benefit from your cash flow information. This information allows lenders to see the amount of money that flows into your bank account and the average balance maintained by you. Looking at the cash flow can provide information about the ability of the individual to pay off a loan. Cash flow information has not yet been incorporated into credit reports.

Debt record

Credit reports do not include information about other forms of debt such as medical bills, which are delayed by less than 180 days. However, an inclusion of the same could result in restricted access to credit for some people. Without this crucial piece of information, a lender may extend credit to a consumer who does not have the ability to pay off the loan.

Adding these four details to the credit report may not be beneficial for everyone, but this will enable lenders to make the right lending decisions. Lenders will be able to get a detailed view of the financial situation of the consumer and will be able to make a well-informed decision about lending or giving out mortgages. Sometimes consumers are denied credit because the lenders are not aware of assets and cash flow condition, which leads them to conclude that the consumer will be unable to pay back the loan.

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