Free credit Report government 6 Sections Explained
ByFree credit Report government Read this quickly learn how to save money by knowing how to read your credit report and raising your credit score.
Looking at your credit report is an excellent way to make sure your credit is in good condition and also serves as a way to monitor your accounts for fraudulent activity.
The best place to look at your report is annual credit report.com where you are allowed to check three different nationwide reporting companies once a year and you can space them out and check each one of the three different companies which allows you three separate checks per year.
There are six separate sections in the credit reports and you need to understand each section.
How to read your credit report
1. Personal information. Here is your name, address and date of birth and Social Security number. Also listed and this is very important are the names of everyone associated with your Social Security number. If anybody else has been using your Social Security number you can find out real fast by checking your credit report.
2. Credit summary. This shows a summary of the accounts you have and the total amount of credit, which is available and how much of the credit you’ve used. This is where companies look to estimate debt to credit ratio.
3. Account history. This is the largest section in your credit report and this is where you’re going to find detailed information about each account, when it was opened, and if it’s in good standing. Most of the reports will show whether you pay your bills to each creditor on time each month going back for two years. When you apply for new credit the information contained in this section will be used to determine whether or not you’re going to get the loan.
4. Public information. This session will list any bankruptcies or judgments that have been made against you in a court of law and will also list leans evictions, garnishments and any other orders made by the courts.
5. Inquiries. Every time you apply for credit the creditor will request your report and the number of requests will show here. The lower this number the better your credit score will be.
6. Creditor information. Anytime there might be a dispute on any of your accounts you can find the contact information for your creditors including name, address and phone number in this section.
Jimmy says it is very important to understand how to read your credit report.
Whoa Jimmy?
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