Home  Personal-Finance Credit Report Review - Easy as 1, 2, 3
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Credit Report Review - Easy as 1, 2, 3 |
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Written by MarkNewman
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Monday, 30 November 2009 |
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Have you attempted to read your credit report, but ended up being more confused than when you started? After looking at your credit report, have you wondered what charge-offs are? If so, read through this article to understand the finer points of reviewing your credit report.
by MarkNewman
Have you attempted to read your credit report, but ended up being more confused than when you started? After looking at your credit report, have you wondered what charge-offs are? If so, read through this article to understand the finer points of reviewing your credit report.
The importance of your credit report should not be under-stated. Every step you take financially for the rest of your life will rely on what your credit score is. This means that it is extremely important to be knowledgeable and aware of the contents of your credit report.
The review of your credit report will obviously mean that you will need to obtain a copy of your credit report. The three major reporting agencies - TransUnion, Equifax, and Experian - can provide copies for you. They are legally required to honor your request for a copy of your credit report once every twelve months. If you would prefer, you can contact Annual Credit Report at (877) 322-8228 for a copy of your credit report.
Reading a credit report can be confusing to say the least. So, let's take some of the mystery out of this process. A credit report is broken up into several different sections. These sections pertain to categories such as identifying information, credit history, public records, and inquiries, and should be readily identifiable on your credit report by their titles or headings.
The first section of a credit report will usually pertain to "identifying information." Your name, date of birth, and present and past addresses will be listed here. It is important to make sure that all the information listed is correct, even the zip codes.
The second portion will report your "credit history." All of your reported financial information will be listed within this portion of the report. Financial information such as the amount owed, payment details, the current status of the account such as "charge-offs," and what type of credit account it is will be included in this section.
Are you wondering what a "charge-off" is? Having a charge off on your credit report means that a credit company has suspended the account and written off the debt. Once the credit company wrote the debt off, they likely passed the debt on to a collection agency. Once this has been done, the only way to remove the "black mark" from your credit history is to pay the debt in full.
"Public records" comprises the next section of the credit report. This section will report any bankruptcies or court judgments you may have against you. As you can imagine, these are the worst type of records to find on a credit report so it is best if this section lists nothing.
Any time you or a credit company inquire as to your credit, such as requesting a copy of your credit history, the request will be shown in the "inquiries" section. Even though an occasional inquiry should not cause an issue for a credit company, numerous inquiries within a short period of time will raise red flags for credit companies. In light of this, it is wise not to have too many inquiries listed in this section.
Your credit report should be reviewed in order to discover any false or inaccurate information. If your credit report does include false or inaccurate information, you should attempt to correct the error by writing a letter to the credit reporting agency and requesting that the information be revised or deleted. You should include copies of any substantiating documentation with your letter. Any negative entry you can successfully remove from your credit report will work to raise your credit score. This is why you need to sit down and review your credit history on a regular basis.
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