How To Read A Credit Report
May 27, 2008 · Print This Article
A credit report is an important piece of information that is used to determine eligibility for jobs to the amount of a consumers annual percentage rate. Being so important, it is certainly surprising to discover that the average consumer does not know the basics of how to read a credit report. Given that everyone will have their credit report pulled at least once in their life it is vital that consumers understand what can be found on the report and how it can affect them and their financial future.
Every twelve months consumers are able to receive a free credit report. While this information can be looked at whenever necessary consumers can only receive the report for free once every year. It is advised that consumers take advantage of this opportunity so they can, at least, determine that all information on the report is accurate and correct. Experts advise that consumers get a credit report from all three of the major credit bureaus which are Experian, TransUnion, and Equifax as each agency may have different credit information on the report. This is quite natural and is to be expected actually as the information offered is voluntarily provided by the credit companies.
When looking at the credit report, consumers will notice that it is divided into four sections. These four sections contain different information concerning the consumer and their payment and credit history.
The first part of the Credit Report is the Identifying Information. This section will contain the consumer’s general information such as name, address past and current, and telephone numbers. Consumers may also find names of employers and the consumer’s driving license located in this section. It is important for consumers to read this section over carefully and make sure all information is accurate. There may be some discrepancies such as a misspelling of the consumer’s name or a wrong telephone number, such mistakes are fine and to be expected even yet consumers will want to call the agency and report the mistake.
The Credit History portion of the report will contain the bulk of the information and is where consumers need to really focus. This section may be lengthy or short depending upon the consumer’s habits. This is the part that potential lenders, employers, and others that require a credit report will look at to determine if the consumer represents a high risk or is eligible for whatever benefit or job they are applying for.
The Credit History section will have the name of the creditor along with the account number. It is possible that the consumer will have multiple account numbers from one creditor. Other information will include the date the account was opened, the kind of credit, along with the total amount of the loan, and how much is still owned on the loans. Consumers should read over this section of the Credit Report several times to ensure that all information represented is accurate.
Below the Credit History section will be the Public Records which should ideally be blank. In the Public Records sections consumers will see any financial data such as tax liens and bankruptcies. If there is a mistake in this section, consumers should immediately contact the collection agency listed and inquire about the mistake. It could simply belong to someone with a similar social security number or name or can be a sign of identity theft.
The last section of the Credit Report simply lists the names of the companies who have requested to see the consumer’s report and information.
As you can clearly see, it is important to understand and check Credit Reports on a regular basis.
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Make a form letter and send it to all of the lenders/agencies who placed a negative item on your report and ask them to provide verification of the debt.
If they don't respond within 30 days, you may dispute the item with the credit bureaus and it is very likely it will be removed.
You can place a "comment" on your credit report that shows whenever your credit report is pulled, adding any statement you wish. This would not change your score and would not likely influence a lender's decision to extend you credit.
There is no really quick way of getting negative items removed. Either wait the 7 years from last payment for them to drop off, or start repaying them and that would reflect well on your score – but it would take a couple years of good history before that would happen.
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