If you have just received your credit report, you are on the right track. The only problem is – how do you read that report? All of the terms and information included in a credit report can be confusing. This article will help to clear up some of that confusion, so that you can start building great credit.
Let’s begin with the I.D. section. This section is relatively straightforward. You will find: your name, current address, social security number, date of birth, and your spouse’s name (if this applies to you). Read this section carefully – if any of the information contained in this section is incorrect, it could affect your report.
Fix any identification information that is wrong by contacting the credit report company. Then, move on to the credit history section. This section lists all of your open and paid accounts, and it also lists any late payments that you may have made. This section is crucial, so make sure that all the information contained in the credit history section is accurate.
Next, you’ll find the collection accounts section. This section lists any accounts that have been sent to a collection agency. Again, if the information is incorrect, make sure to dispute it. Lastly, you will find the inquiry section. This portion of your report lists all the businesses that have obtained a copy of your credit report over the past 24 months.
If you find that a company has accessed your credit report without your permission, make sure to contact them right away. Companies that do not have written permission to access your report cannot legally gain this information.
Once you read through your initial credit report, you won’t have any problem understanding the next copy that you obtain. Remember to check all of the information listed within your report carefully. Bad information can lead to potential credit problems.
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