How to read your credit report
A good credit score can be the difference between getting a loan with minimum interest rate and not getting one at all. The new federal law passed in September 2005, provides people with a free annual credit report. This law was passed to allow everybody to verify that their report does not contain any false information and thus save them from a lot of hassle and also provide them with a free authentic credit score. You can request your free credit report by clicking on the following link. www.annualcreditreport.com
Even after having this amazing offer of getting a free credit report, most of us wont even bother to read it. Primary reason being, unaware of the terminologies and abbreviations used in the report. But it is okay. We are here to help you out. Credit reports are usually divided into section i.e. Identifying Information, Public Records, Credit History and Inquiries by creditors.
The first section, Identifying Information includes your name, address and social security number. When reading your credit report make sure that this information is accurate. If not, make sure to report it to the credit bureau promptly. This section may also include your previous addresses, spouse’s name and employer information.
The second section, Public Records, shows your record of bankruptcy or judgement. You should hope that you don’t ever have any information here as this harm your credit in the worst possible manner. And it becomes really difficult to repair your score.
The third and the most confusing section of all is the history section. This includes the entire history of your business dealings with all the creditors you have interacted with. This includes all the accounts that you currently have open, the balance you have in the accounts, accounts with no balance and the account you are using to pay your bills. The format in which this section appears on your report differs depending on the credit report agency that you use to get your report. While Experian uses simple terms like “pays on time”, “pays 30 days late”, other agencies might use numeric codes that you might have to on a table on another page that shows their meaning. So, which every agency you use make sure to read the report carefully and make sure that every single detail on your report is accurate.
The fourth section is called “Inquiries” and shows the list of everyone who has had a look at your report. This includes all the credit companies that you have contacted for a loan or a credit card. This section also includes “soft enquiries”. These are enquiries usually made by retails stores or credit card companies looking at your report to determine whether to send you an offer or promotion related to their credit cards. These enquiries are harmless and do not affect your score at all.
If you have been denied credit, worry not. You can get a copy of your credit report and find any discrepancies which may have caused this. There is always a possibility of errors in your report therefore, we highly recommend that you find errors in the report and report them immediately to the creditors. Closing your old accounts that you do not use at all will also boost your score.
If you require any assistance regarding your credit report or are just looking to buy a car or a house and are looking for free consultation from a specialist, please click the link below.
Should you have any questions regarding credit repair please feel free to contact us at 1-833-353-9273 or email@example.com. Our friendly Credit Specialist are standing by and waiting to address any of your questions or concerns. Don't hesitate call today!!!