Reading your Credit Report: Everything to Know

 

Reading your Credit Report Everything to Know
Reading your Credit Report Everything to Know

The minute you get your credit report in your hands, you may have some questions about it. Sure, while a lot of numbers and sections don’t make sense, it’s important to know what each section means for your credit. Whether you plan on getting a credit report now or in the future, here’s a quick breakdown on what to expect:

Personal Information

The first thing that you will notice is your personal information. This is going to include the following:

  • Name
  • Alias
  • Addresses where you have lived in the past seven years
  • Current reported employer
  • Previous employer

When looking at your personal information, just make sure that everything makes sense. While there could be a spelling error, don’t freak about it just yet. The only time you have to worry is if the personal information listed isn’t you.

Credit Summary

The credit summary section will summarize the different credit accounts that you have opened in the past. This will include your balance, the total number of accounts, the number of delinquent accounts and how many current accounts you have opened.

If you’re wondering what accounts are included, here’s a breakdown:

  • Mortgages
  • Credit Cards
  • Line of Credit
  • Collections
  • Inquiries
  • Public Records

Account History

After you scroll through the credit summary, you will be presented with every account that you have opened in the past. With the list noted above, this is going to include everything from a mortgage to a credit card account. The account history information will generally contain a bulk of your information that’s important to know. When you view your account history, it contain this information:

Creditor Name – This is the bank or institution that reports the information.

Account Number – For privacy purposes, a credit report may scramble or just include the last four digits of the account number.

Type – This is the type of account. It can be an auto, educational, mortgage or revolving loan.

Date Opened – When the account was opened.

Reported – The last time the creditor has updated the information.

Balance – How much money is left on the account. It can include the credit limit available.

High Balance – The highest balance that was ever charged to the card.

Past Due – Amount of times that the account was past due.

Status – Indicates the status of the account. It can be considered past due, a charge-off or current.

Public Records

After digging through your account information, you should notice the public records section. In this section, you will find any judgements, bankruptcies, court records or any liens held against you. On average, public records will show on your credit report for up to 10 years. Keep in mind that criminal records don’t show here.

As you can see, there’s a lot to consume when reading your credit report. Take your time to understand every item. Remember, if you ever see an error, be sure to report it to the credit bureaus immediately. One small error can screw up your score for years to come.

Author’s Bio:Steven Garcia is a well known author and writes articles related to finance. For more information on the same visit the website Creditreport.org.

 

Reading your Credit Report: Everything to Know