The Parts of Your Credit Report
If you are interested in credit repair and restoration, one of the most basic things that you need to learn is how to read your credit report.
Your credit report is comprised of seven key sections which make up your financial report card.
The sections are:
• Legal Records –This selection provides creditors with and overview of any recorded judgments, liens, wage attachments and banruptcies that you may have. Collection accounts also appear in the legal records section.
• Personal Details- This includes your name, date of birth, current and previous address, current employer, and previous employers. It will also list any previous names which you have used to obtain credit.
• Accounts Overview-This is a quick snapshot that states how many accounts you currently have open, the total of what you owe, the amount you have available to you, and how many accounts that you have in good or bad standing.
• Payment History – This section provides lenders with a history of how you have handled your accounts. Not only will your payment history appear, but opening and closing dates of accounts, balances, credit limits, loan type and the date of last activity are also included.
• Credit Score-Your credit score is a three digit score between 350 and 850. It is designed to be reflective of your overall credit risk. Anything over 720 is consider excellent.
• Inquiries-Only inquires that are in response to your application for credit will appear on your credit report. Inquires by employers, insurance companies, or marketing companies will not appear. Neither will inquires made when you look at your own credit.
• Creditor Contact Information- Any company reporting to your credit file will need to provide you with information on how to contact them directly. Most will include a phone number, but some will communicate by mail only.
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