You requested your credit report. You feel good knowing that you’re on top of things. Your credit report finally comes in and you have no clue how to read it. Well, my friend, you have come to the right place. Let’s decode your credit report.
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There are four sections in a credit report. Those are Identifying Information, Credit History, Public Records, and Inquires.
Identifying Information On Credit Report
The identifying information on credit report includes your name, your current and previous addresses, and any other information that was given to the creditors/lenders. It is common for different versions of your name to be in this section, therefore make sure your name is accurate on the credit report.
Credit History Information
Your credit history information will list all of your credit accounts and your track record on paying them back. Here you will see the name of the creditor, the account number, the type of account, the date you open the account, your credit limit, your loan amount, the account balance, and your payment history.
Public Records On Credit Report
The public records on credit report include bankruptcy, foreclosure, suits, wage attachment, liens, and judgments. If you have a criminal record that will not be included in your credit report due to it being illegal to use your past criminal history to determine your credit score. However, if you’ve filed for bankruptcy the amount you have to pay and the amount that you’re exempt from paying will be listed. Also, the asset amount that the court use to make their decision will also be listed.
Inquires Listed On Credit Report
Inquires listed on credit report shows everybody that checked your credit in the last two years. This includes landlords, lenders, employers, etc.
Now that you have a better understanding of your credit report you can start the journey of improving, maintaining or increasing your credit score.