Understanding Your Credit Report By Dennis T. Cary At Isnare.com Ezine Articles

If you’ve been wondering what’s in your credit report, you’re probably way over due for a look at your credit history and score. But with so much information packed into each credit report, it can often be frustrating trying to decipher all of the codes, abbreviations and numbers within them. If you’re not sure how to read your credit report, you’re not alone. It can be tough trying to figure it all out, so keep reading to gain a better understanding.

For your convenience, many credit reports list personal information, credit history, public records and inquiries in different columns. This will make it easier for you to read and understand them. If you’re not sure what FICO means, it stands for Fair Isaac Corporation and it’s the most popular scoring system used by lenders.

You can expect to see your full name, address and social security number listed on your credit report. As you skim this information, check to see if everything is correct. As you go down this page, you will also see previous addresses listed along with your date of birth, phone number and employer name.

Check the public records section of your credit report if you have had credit problems in the past, such as collection accounts and bankruptcy. Don’t forget to go through this section, because if any of the listed information is false, your credit rating could be greatly affected.
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The credit history portion of your credit report will contain a list of all the credit accounts you’ve ever opened and closed. They will detail if you have paid on time or been late and might offer remarks, such as “pays on time” or “pays 30 days late.” The three major credit bureaus, Experian, Equifax and TransUnion have tried to make reading credit reports easier on consumers by making their information less complicated.

Anytime you have applied for a line of credit in the past, it has been detailed in the inquiry section of your credit report. Review this section to see just who has been asking for a copy of your credit report. If you see anything suspicious, report it, but keep in mind that anytime you apply for an apartment, personal loan or credit card, your credit has been run.

It might take you a few tries to fully comprehend your credit report, but you’ll get there. The important thing is that you are keeping track of your credit history and rating and that is a wise investment for your future.

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