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It’s one thing to request copies of your credit reports and quite another to read them. This can seem an overwhelming part of the credit repair process. But with a basic understanding of what’s on a credit report, you should have no trouble making sense of things.
1. Your identifying information.
This is the name (or names), addresses, social security number, date of birth and employment unique to you. Note, none of this information impacts your credit score one way or another.
2. Account details.
This is the list of accounts that creditors have reported to the credit reporting agencies. Each account listing includes:
– Type of account – mortgage account, revolving account (creditcards), or installment accounts (car loans, student loans, etc.)
– Date the account was opened
– Credit limit
– Loan amount
– Account balance
– Payment history
3. Credit inquiries.
This is a list of every inquiry made of your credit report within the last two years. These inquiries are categorized as either voluntary or involuntary. “Voluntary” inquiries are those made by creditors after you apply for credit. These are the inquiries that count against your credit score. However, any voluntary inquiries you make of your own credit reports do not count against …
(continue reading Anatomy of a Credit Report by Meredith Simmons via CreditInfoCenter.org)
