Before you view your credit report, you may want to know what it is you are looking for.
Many times your credit report can contain errors that do not belong and maybe showing your credit score inaccurately. It is very important to check out your credit score at least three times a year and to be sure you are reading it accurately.
The most important thing you should know is that it is not good enough to view your credit report from only one credit bureau.
Each person with a social security number has a credit record with three major credit agencies. Although the reports may be very similar each bureau’s report may have different information.
The three major agencies from which you can receive your credit report are Equifax, Experian, and Trans Union.
Once you have received your credit report either by mail or online, there are four major areas you will want to take a close look at. The first is your personal information.
This area will show what should be your name, current address, social security number, current employer, previous addresses and employers. It may also contain the name of your spouse.
The next area is a list of all of your accounts over the last seven years. This list will show both open and closed accounts.
Along with each account, you will see how many payments were made on time, how many were late, how much money you originally borrowed, your average monthly payment, and the current status of the account.
This is the most important area in your credit report. Often there can be accounts that you yourself never opened. This could potentially mean you have been a victim of identity theft and should be reported to all three credit bureaus immediately.
The third area to review will be a list of public records. This will include judgments, tax liens, bankruptcies, repossessions, and foreclosures. Any information on this list does not look good on your credit score.
Regardless if they are there in error or not, there should be a great effort to rectify any or all of the items on this list.
The last area on your credit report to keep a close eye on is a list of inquiries on your account. This will be a list of all the companies that have ever looked at your credit.
This can mean jobs, credit card companies, lenders, and so on… This list will also be listed on a scale from soft inquiries to hard inquiries.
It is very important, especially in our tough economy, to know what your credit score is.
Knowing your credit score can not only keep you from being a victim of identity theft but also help you out by keeping your eyes open as to what you can and cannot afford when buying a house, car, or even applying for a basic credit card.
You can visit the following websites receive a copy of your credit score: