| Instant Loan Approval |
|
|
|
||
|
||||
|
Understanding Your Credit
Credit Reports
Credit Scores
Credit Bureaus
Free Credit Checks
History of Credit
Mixed Credit Reports
Managing & Repairing Your Credit Credit Repair Credit Counseling Credit Monitoring Services Debt Consolidation Bankruptcy Information Credit Resources Credit Tips & Secrets Free Credit Reports Identity Theft Opting Out Of Credit Offers Credit Unions Loans & Credit Cards Auto Loans Home Equity Loans Home Equity Lines of Credit Credit Cards Low Interest Credit Cards Air Mileage Credit Cards Cash Back & Rewards Cards Personal Loans Bad Credit Loans Investing Stocks 101 Bonds 101 ETFs 101 401k Plans Annuities Insurance Auto Insurance Renters Insurance Homeowners Insurance Life Insurance Disability Insurance Financial Calculators Simple Mortgage Calculator Advanced Mortgage Calculator Interest Only Loan Calculator Auto Loan Calculator Amortization Calculator |
What's in a credit report?
Credit Header This section contains your name, addresses present and past, date of birth, social security number, employer. Always verify that this information in 100% correct and follow up promptly if you find any errors. The SSN is the most important piece of information to verify. If you find an error file a dispute immediately. Also, make sure your past addresses are valid. Unknown addresses could indicate that your file has been mixed with another person having you same name. Debts, public records, payment history, accounts in good standing. If you have any public records, collections, charge-offs, or late payments these will be displayed first. Here's a description of each. Public Records: Any monetary court judgments against you, liens against your property, or past foreclosures. Collections Delinquent debts that have been turned over to a collection agency. A high percentage of collections are caused by unpaid medical bills or unpaid parking tickets. Charge-Offs These are debts that have been 'written off' because a company believes you will never pay them back. These can become collections and vice-versa. 'Charge-off' is an accounting term companies use to denote a bad debt. Late Payments If you pay your credit card, mortgage, or any other bill more than 30 days late it will appear on your credit report. Late payments are listed in 3 categories, 30 days late, 60 days late, 90+ days late. Accounts in good standing: All of your accounts for the past 7 years are listed here. This includes credit cards, auto-loans, student loans, mortgages, etc. If an account is currently open and in good standing it will appear as "Paid as Agreed" or "Never Late". Inquiries There are two types of credit inquiries, Hard Inquiries and soft inquiries. Hard Inquiries are made when you apply for new credit. Soft Inquiries are made when finance companies check your report in order to send you marketing messages. The pre-approved credit card offers your receive in the mail are most likely sent to you because a credit card company pulled a soft inquiry on a large group of potential customers who's credit score fell within a certain range. Soft Inquiries do not affect your credit score. Inquiries made by employers are also soft and do not affect your credit score. More in depth information on credit inquires How Long does information stay on a credit report?
Comment on this article:
|
Homepage
Articles
Book Reviews
Recommended Reading
Glossary
About Us
Contact
 del.icio.us
|
||||||||||||||||||||
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||
