Finance and Credit Professional

A wealth of information is contained in your credit report. Your financial actions, your loan or credit accounts and how you pay them are just some of the data you can find on your credit report. Review your credit report periodically to get an idea of what the creditors are saying about you.

If you are reading your report for the first time, it can be quite confusing.

The personal information on your credit report will include information that will identify you like your name, your address (both current and previous), your employment information and history, etc.

Your name may have misspellings or variations but most credit companies leave these variations to preserve the link between your credit information and your identity. Your personal information should identify you and not any other person.

Your credit report's account history contains your credit accounts and how you have paid them. This section is very detailed and it is of utmost importance that you carefully review such in order to ensure that all the information reported are correct and that there are no erroneous entries.

Each credit account will contain the following information. Indicated will be the institution name reporting the information, account number (for privacy purposes this information may be shortened or scrambled), the type of loan or account, the term of repayment, the month and year the account was opened and high credit (for credit card this is the biggest amount charged or as the case for loans the original amount loaned). Other data include the loan amount or credit limit, the remaining balance owed on the account as of reporting date, any past due amounts as of report date, the status of the account (whether current, past due, etc.), the status of your monthly payment or payment history since the establishment of the account and the last date of update made by the creditor.

Public information records contain info on tax liens, bankruptcies, records of state and country courts, etc. A public record generally stays on your credit report between 7 to 10 yrs. depending on the type of account. It is ideal to always keep clear this section for it can really damage your credit standing.

Credit inquiries contain the list of all those who within the last two years have accessed your credit report.

You have every right to have any erroneous entries or mistake on your credit report corrected. All you have to do is to submit with the credit bureau a credit report dispute. Your credit report will come with an instruction sheet for the dispute process.

About The Author :

James Brown writes about Ovation Law promo code, Adaptive Marketing coupon codes and Equifax promo code

Related News

Subprime loan crisis is hitting Vallejo hard / Report predicts nearly 1 in 4 will end in foreclosure (San Francisco Chronicle)
Vallejo is the Bay Area's version of ground zero for the subprime loan crisis. A significant number of residents of the largely blue-collar city of 120,000 have taken out subprime loans -- expensive mortgages issued to people with poor credit.... ...more

Different Needs, Different Loans (Investopedia)
Loan proceeds can be used for a variety of purposes, from funding a new business, to buying your fiancée an engagement ring. But with all of the different types of loans out there, which type is best? ...more

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way (Evening Times)
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." ...more

Risk of Subprime Mortgage Bonds Jumps to Record for Second Day (Bloomberg.com)
July 17 (Bloomberg) -- The risk of owning bonds backed by subprime mortgages rose to a record for a second day as investors continued to bet that losses will mount. ...more

Mortgages Plc suspends all heavy and unlimited adverse business (Money Marketing Online)
Mortgages Plc has suspended all of its heavy and unlimited adverse products in its latest criteria change. It has also announced that it will be reducing maximum loan to value on its medium adverse range from 85 per cent to 80 per cent. ...more