Did you take the first step to repair your credit by getting your credit report only to find you cant read it? If so, you are like most any American. More often than not, people are not equipped with the knowledge of understanding all the terms within these complex reports and find themselves overwhelmed with all the content. Hopefully, you will have a better understanding of your own credit report once you read over these tips in which we have provided.
Credit Bureau
Credit bureau reports contain information collected from a wide variety of sources that have established a working association with the bureaus. Data furnishers are any entity that has a monetary relationship with the consumer, such as debt collection agencies, public institutions, businesses and utilities, and the court systems.
General Personal Information
Bureau credit reports are comprised of various types of information. The first page should detail your personal information. You will see that your personal details such as name and address are included followed by some more note worthy information. There will also be sections concerning your employment records and your criminal background. This information is available to outlets that buy your credit bureau report to evaluate you for a loan or other legal agreement.
List of Credit Accounts
The list of accounts section will show you all of the credit accounts in your name that are currently open. Everything you expect will be on here, along with a few things that are so far into your past they were long forgotten. All types of credit will be listed here including credit cards, personal loans and mortgages amongst others. Student loans, rental properties and other things might show up on your account also. There will be a section in which it will list for how long you have had each account along with an overview. It is especially important to pay close attention to this area, as errors can often be present in the more detailed portion.
History of Account Standing
This part of the credit bureau report is extremely important. Every account, along with a detailed payment history will be listed within your credit bureau report. This section of the report contains your missed and late payments. In addition, they list all delinquencies associated with different accounts. This is the area of your credit bureau report that will be closely examined should you be reviewed for a new credit account. In this area, you can also find the balance of each account that people can review.
Credit Score
It is important to review your credit report regularly. This will let you know what your credit score is. Your credit score is the most important single number that matters when it comes to applying for loans. It can be the difference in getting the loan you need and being turned down. This number will be visible at the end of the credit report. This figure is likely to be in the region of 500 and 800 and is a reflection of your credit history.
