How to Read Your Credit Report


If you are looking for a wise decision concerning your credit, then you may want to take a look at your credit report. Once you have obtained a copy of your credit report it is just as important to know how to read it. There are lots of numbers and different accounts on one piece of paper and you will want to be able to understand what you are looking at and what it all means.

Three major credit-reporting agencies There are three major credit-reporting agencies that will play a big part in your credit. These three are Experian, TransUnion, and Equifax. You should print a copy of your credit report from these three companies at least every 12 months. You can find out more about these companies online and they will show you how to obtain a free report.

What is in these reports? The three major credit reports will have different information in them. This is because it is a system that has different creditors that subscribe to them and that is how they get their information.

The main parts of a credit report A credit report is divided into four sections, identifying information, credit history, public records, and inquiries. Your identifying information is the part that identifies who you are. Their maybe hundreds of people with the same name but everyone has a different social security number. They will also confirm your driver's license number, address, and phone number.

Credit history The second part of your credit report is your credit history. Each account will have the name of the creditor and the account number. You will need to make sure that these are valid accounts that you have now or had at one time. If they are wrong, you will be given a chance to dispute them.

Public records This is the part that obtains any information about your criminal record. This will also include any arrests or bad judgments that have been made against you. This is a section that is better off blank for obvious reasons.

The last part of the credit report The last part to a credit report is the inquiries. This is anyone who has seen a copy of your credit report. Anytime that you apply for a loan or line of credit, some one will see your report and they will post an inquiry. This is a very detailed report. It is not a good thing to have a lot of inquiries on your report.

Change your report If there is any information that is questionable, you will have a chance to dispute it. The dispute will be reviewed and it may be taken off your report.


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