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What is a Credit Profile?

A credit profile is one that contains information about one’s credit history, period of time during which credit was due from the person, whether payments against credit have been paid on time, personal information etc.,  The credit profile is the source of information for lenders to take a decision whether to advance loans to a person or not. During the past when one has availed loans, the details of repayments would have been communicated to credit reporting agencies by the lenders. The summary of all these information in a nutshell is the credit profile.

The credit profile basically has the following types of information:

• Personal identification

• Information about employment

• Information about credit

• Public records

• Any inquiries

Information like a person’s religion, personal income, driving records, criminal records, political affiliation and health records will not be included in the credit profile. Depending on the type of loan one is applying for, more information other than what is in the credit profile will be looked at by the lenders. For example, when one is applying for a mortgage loan for the first time, information about income stability, history of employment, type of mortgage applied for, initial down payment etc., will be looked into by the lending company.

If one has to be credit worthy, then the credit profile should be clean and neat. Maintaining the credit profile without any blemishes should be the objective one should go after.

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