Can anyone help me understand my credit report?

I have received mine and my husband%26#039;s credit report. The jargon is confusing to a layperson, is there anyone who can help me understand?

Can anyone help me understand my credit report?

Your credit report is divided into several sections and you want to review each section to make sure the info is correct.

The first section is your personal info such as name, birth date, SSN, address, etc. Make sure this is correct.

Then there will be the public records section that will list items like bankruptcy%26#039;s and judgments.

Then depending on the Credit Bureau your account section will be divided into accounts reporting negatively and accounts reporting positively. Review this for accuracy and make sure you agree with how all your accounts are reporting.

The last section will deal with inquiries, those that others see and those which others do not see. Inquiries stay on your credit report for 2 years but typically only any inquiries in the last 12 months count in your FICO credit score.

If you have any more questions you can consult the websites of the issuing credit bureau or check out www.myfico.com for more information on credit and credit scoring.

Good Luck

Can anyone help me understand my credit report?

If you are unclear about anything on your credit report, call the company that issued the report.

It also depends upon the type of report, but it should list credit cards and loans held in your name.

Make sure that everything that%26#039;s there is yours, if something that%26#039;s there isn%26#039;t yours, it could be an indication of identity theft.

Can anyone help me understand my credit report?

Which specific part do you not understand? I%26#039;m more than willing to help.

Can anyone help me understand my credit report?

A typical credit report goes like this:

(Personal information) All reports should show current address, SS# and DOB

(Previous address) Often times previous addresses are not shown consistantly. As long as addresses shown are correct at some point in time, It is not a reason for concern. But this information can easily be updated.

(Employment data) Current employment info is also not always correct and an some cases may show an employer from years ago. This also not a big concern but can easily be updated.

(Public Record) Any legal action, such as bankruptcies, liens, foreclosures and even marriages will be listed here.

(Collection accounts) Refferred to as deragatory information, this area of your credit report is of the most importance to you. If you are not aware of any of the information or accounts under this heading, possably the information is not valid or the collector was not able to locate you.

(Credit Background) This should be a list of credit accounts you have established in your history. Paid accounts will show a 0 balance and the credit limit of that account. It also shows the monthly payment amount and approximate balance due on active accounts. Make sure that all accounts listed are yours and that balances shown reflect actual balances within the last ninety days.

(Credit request history) All companies in which you have applied for credit (and most you haven%26#039;t) are listed here. There will be a long listed of creditors that you don%26#039;t recognize listed here. That is because many companies are inquiring about your credit without your knowledge so that they may decide to send you credit card offers. Insurance companies, employers, etc. may also have inquired.

I hope this has answered your questions. It may help you to purchase the book %26quot;Guaranteed Credit%26quot; by Arnold S. Goldstein.

This book will help you fix any problems you feel are incorrect.

Can anyone help me understand my credit report?

If you ask a specific question, it may be easier to help you. Don%26#039;t post personal details online. Get in touch with me and I%26#039;ll be happy to help if I can.

Can anyone help me understand my credit report?

If the jargon is over the credit portion, not personal, or employment-

Example

Acme Credit 9/2004 $30,500K 5/2006 $22,300K 36 2 1 0 R2

04 Ford 60/389

Ok you have an open Revolving Acct (the R) with Acme Credit on a 2004 Ford, The original loan amount was for $ 30, 500, it opened in Sept 2004. The company last reported in May 2006 that the balance is $ 22, 300. It is set up for 60 months at $389 per month, in the last 36 months, you have been 2 times 30 days late, and 1 times 60 days late, and 0 times 90 days late, a 2 is some deliquent credit overall.

R1 is best, and should be 0%26#039;s for the 30-60-90 days past due.

R9 is a charged off deliquent account.

R0- indicates account has not be open long enough to assess a rating yet.

Can anyone help me understand my credit report?

checkout few calculators if they can be of any help to you