Your credit profile is both a summary of your current financial obligations and a record of how well you've met those financial obligations. The information on your credit profile, compiled by credit reporting agencies or service bureaus, usually includes identifying information such as your name, Social Security number, and birth date, employment information like your present employers and your job title, and credit information regarding your open accounts, your balances, and credit limits. Your profile will also show whether you paid your bills on time or not and whether any of them were turned over for collection. What's not included on your credit profile is your race, religion, health status, income, your criminal record, or your political preference. Keep in mind that your credit profile not only shows how you're currently managing your credit, it also shows the history of everything you've done in the past as far as your credit is concerned. However, The Fair Credit Reporting Act requires that most negative credit items be deleted from your profile after seven years. Exceptions include bankruptcy, which can stay on your record for up to 10 years. Many lenders consider your credit profile to be a direct reflection of your character. By examining how you've kept up payments with other creditors in the past and present, mortgage lenders can assess your likelihood of paying back their home loan if they choose to approve your application. Consequently, it's strongly recommended that you start or continue to act responsibly to ensure that you have and maintain a good credit profile.
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