What is in your credit report? What does it all mean? The first one that you look at may be a little confusing but here's what you can expect to find....
-Your personal information will be at the top of the report. Your name, address, social security number, birth date and employer information will start off the report. When reviewing the report, make sure that this and all other items are correct.
-Your accounts are listed next (credit cards, mortgage, car loans, etc) will be listed and show the date you opened each account, your credit limit or loan amount, account balance and payment history.
-Inquires are listed next. Whenever you inquire about getting any type of loan, the inquiries will be listed here. The more inquiries you have, the lower your score could be. Keep inquiries at a minimum.
-Negative items are also listed. This could be a late payment, tax lien, garnishment, judgement, bankruptcy or foreclosure.
Review each line very carefully to make sure that everything listed belongs to you. The items on your report will also include anything that you have co-signed for with someone else. It is imperative that you review your credit report yearly to make sure that everything is correct. If someone else's information ends up on your report by mistake, it can take months to clear up and damage your credit. Many people only look at their credit reports when they are ready to get a home mortgage. If there are mistakes on your report that need to be cleared up, this is the worst time to find a mistake as it can hold up your escrow.
If you find a mistake on your credit report, you should fill out the dispute form that comes with the credit report and turn it in to the 3 credit reporting agencies immediately. In some cases, it will be removed from your report within 30 days. You should rerun your report at that time to make sure that it is correctly removed from your credit.
Monitoring your credit is your responsibility. Make sure it's the best that it can be!
In health,
Brian & Cherie
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