How To Read Credit Report
Knowing how to read your credit report will enable you to take necessary steps to address the negative information before it affect your credit score.
How to read credit reports
It is very important for you to know how to read credit report. When you order your credit reports from each of the three major credit bureaus--Equifax, Experian, and TransUnion--scan them carefully for mistakes and negative information that could hurt your credit score. Here are the five main parts of a credit report and what they include.
Personal information. This part lists your name, current and past addresses, current and past employers, birth date, Social Security number, current and past phone numbers, and spouse's name.
Adverse information. These items are marked with dashes or separated out. In the status details column, the report lists the nature of the adverse item, such as “state tax lien paid” (it's adverse because it was a lien) or “status: open/current, was past due 30 days.”
Credit accounts These items will include the name and address of the creditor, current and high balance, credit limit, status of account, and when it was opened. Underneath that on the left there is a grid showing whether there were any late payments (30, 60, or 90+ days late). Directly to the right of that grid is another grid showing payment history.
Requests for your credit history. This section lists the names and addresses of creditors who have accessed your credit report with your approval. This credit report information is important as it provide a clear idea of your credit history, number of times you have applied and been turned down for credit. If your credit history show that you have a number of denied applications, chances of the new credit being denied increase dramatically. These inquiries can affect credit scores, because the number of inquiries is a factor into the credit scoring model.
Account review inquiries. This area lists the names and addresses of companies that have accessed your credit to review an existing account that they have with the consumer. These inquiries do not affect your credit score, but they can impact your insurance premiums and credit-card interest rates.
knowing how to read your credit report is no the end, you need to take the necessary steps to address the negative elements in it before it affect your credit score.
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