UNDERSTANDING
YOUR CREDIT REPORT
IS NOT AS COMPLICATED AS IT SEEMS AT FIRST GLANCE. . .
The first page of your report will contain your basic information - such as your name, address, and employer. Check over these first, as their information may not be current.
READING ENTRIES ON YOUR CREDIT REPORT
Your accounts will follow the personal and demographic information section. There will be a key above the credit entries. Look through the key thoroughly before you begin looking at the entries it explains what each column means including:
- Account name and number.
- Date account was opened.
- Maximum credit limit (for credit cards).
- Opening balance.
- Current balance.
- Account status. (Open, closed, collection, included in bankruptcy, paying as agreed.)
- Minimum monthly payment.
- 30, 60, or 90 day late payments (will be a number showing how many times payment was late by this amount of days).
Go through each of these accounts, thoroughly. Do not overlook any detail! Highlight any entry that may show incorrect information at all.
LISTINGS OF CREDIT INQUIRIES
This section lists every time you have applied for credit within the past two years. If there are inquiries that you are unaware of - highlight them. These inquiries can be disputed if they are incorrect.
Be cautious when applying for credit - applying for credit more than necessary can cost you points and lower your credit score!
CREDITOR CONTACT INFORMATION
Next you will find a list of all of the creditors that have entered information on your report and their contact information.
If the names do not look familiar try to match the account to dates or amounts to figure out if this is your account is really yours or if it is an error. Many times the companies you may have received credit from use other companies to collect their debt or handle their accounts.
CONTACT INFORMATION OF THE CREDIT BUREAU'S
Last you will find contact information from each of the credit bureau's. This information is useful, so save every page of your report.
I find it useful to put it in a binder, and keep the notes you have taken or your workbook sheets to start your next step. Your individual goals will determine what you do next.
FOLLOW ONE OF THE LINKS BELOW TO TAKE YOU TO YOUR NEXT STEP
- Negative incorrect items on your credit report you would like to have corrected.
- Just starting out, and would like to acquire your first credit card.
- Have some credit, would like to build more positive credit.
- Have high balances on your credit cards or high interest loans and would like to pay them down faster.
- Need assistance in dealing with collections.
- Need assistance dealing with foreclosure.