Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Report News, Tips & Advice « Credit Reports > Credit Report Advice > Credit Reports: Understanding and Making Sense of What You Owe

Credit Reports: Understanding and Making Sense of What You Owe

By Andy Snyder
Published: Thursday, October 1st, 2009

Credit reports are one of the most basic, yet important, documents a person can ever have on file. It can affect almost every financial move you will ever take, making it a pertinent piece of paper that you would really need to check regularly.

Keeping it up-to-date is one of the most sound credit report advice you can ever do, so you would need to regularly review it. Luckily, the law allows you to obtain a copy either from one or all of the three major credit bureaus in the United States: TransUnion, Experian, or Equifax.

Requesting for a copy of your report doesn’t really require any hard work or expert credit report advice to pull off. All you need to do is to contact any of the official credit report issuers, may it be through phone, mail, or the internet. All of these methods will need you to provide your basic information, such as name, social security number, address, and birth date. And then, you will then be asked to choose which company you will want to get your report from. Afterwards, you can already view and print your credit report (if done through the web) or wait for it through the mail in four to five weeks.

When you’ve received your copy, one of the most basic credit report advice is to learn how to read the document properly. Remember that this piece of paper contains a lot of things that can affect your future financial transactions, so you would need to be very thorough and go through it very meticulously. To do this, though, you would need to know what the basic components a credit report has. And although every bureau employs its own credit report layout, they all still include the same basic information a report needs to have: your personal, credit, inquiries, and public record information. 

The portion in your personal information will usually contain your name, including previous ones, your social security number, your current and previous addresses, your birth date, contact numbers, and a list of current and previous employers.

Your credit information section, on the other hand, will show all of your account information, including your existing accounts, mostly the current ones, and any additional note from the past accounts. This will be where you would need to pay close attention, and even seek some credit report advice if you feel like you need it, as it will all list down the details of your loans like its opening date, payment terms and history, credit limits, and balances. Positive and negative information may also be listed down on your report, depending on the bureau’s policies.

Your inquiries, or the number of times companies request for your credit report, will also reflect on the said document. These inquiries indicate how many times you’ve applied for a loan, so inclusion of this information is important as a large number of inquiries in a short period of time can bring negative effects on your credit report.

And lastly, your public record information will also be added on your report. This section will reflect all of your governmental financial records, such as bankruptcies, tax liens, or child support payment dues.

Now that you know what a credit report has, you can better assess your financial situation or seek expert credit report advice if necessary. By keeping yourself always updated with your financial status, you can prevent further damages on yourself and your business.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.